A patent is a type of intellectual property right that protects any novel invention and grants the inventor an exclusive right to sell, use, create and manufacture the patented product. When any patent expires, new generics are introduced into the market. India is the 14th largest exporter of medicines in the world.
Regarding patents in the pharmaceutical industry, especially in India, you need to know some basic facts.
We will also examine how generic medicines have been used in India's pharmaceutical industry.
Let's begin!
Key Facts You Should Know About Patents In the Pharmaceutical Industry Of India
• India eliminated patents on medicine products in 1970. This helped India develop a robust generic medicine industry.
• India's rise as a generic destination is a blessing for people in underdeveloped countries or patients looking for cheap medicines.
• India is a party to several international agreements protecting intellectual property with provisions regulating compulsory licensing.
• Innovation in the medicine Patent is a crucial element that defines the success of a medicine manufacturer.
• Innovation provides high returns on investment. While developing and launching a new medicine involves huge costs, the rate of return on successful drugs can be much higher than the costs associated with introducing the drug to the market.
• The patents are granted to encourage inventions and to secure that the inventions are worked in India on a commercial scale and to the fullest extent that is reasonably practicable without undue delay.
• India's pharmaceutical market is $ 4.9 billion (2003), about 1% of the global pharmaceutical sales and 10% of the total generic market worldwide.
• India is the 14th largest market in the world in terms of value.
• India's share is around 8% and is the 4th largest after the USA, Japan, and China in terms of volume.
• India is among the top five bulk medicines manufacturers in the world.
• India has the most significant number of US FDA-approved manufacturing facilities outside the USA.
• India exports drugs worth $ 3.2 billion to more than 65 countries.
• India did not issue medicine patents until 2005. Furthermore, Indian patent law has allowed the grant of compulsory licenses since 1970.
• India began extending patent protection to medicines in 2005 to adhere to the World Trade Organization's (WTO) multilateral agreements on intellectual property, including the Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement.
• TRIPS requires that WTO members make patents available for "any invention, whether products or processes, in all fields of invention."
• TRIPS allows member countries to enact laws to prevent the abuse of patent rights and explicitly contemplates the use of compulsory licensing to prevent any abuse of patent rights.
Conclusion
Indian pharmaceutical industry is growing, and especially reaching new heights when it comes to generic medicines.
Being one of the global key players in generic medicine manufacturer, more emphasis needs to be put on promoting generic medicines more and more and smoothening the overall process of patenting and licensing.
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