Issues and Prospects of Pharmaceutical Industries of India and other Developing Countries in the Post Trips ERA of IPR Regime

Dr. R. K. Chaubey

Abstract: Technology is not only the generator of wealth but also the generator of the health of the nation. If a country wants to provide the best of health care to her citizens, it has to build advanced pharmaceutical technology within the country. Technology is the pillar of strength to the political, social and economic structure of the nation.1 Intellectual Properties are also recognized by the laws 2 as a form of intangible property. In other words, Intellectual Property, which is a product of mind, can have as much worth if not more, as the physical product. Human progress depends upon new inventions and therefore monetary inducement in the form of Intellectual Property Right is recognized by the law so that new inventions may be made for the benefit of the society. In other words, the grant of patent is a financial reward which stimulates technical progress by encouraging inventions. Intellectual Property Rights today are the most strategic and powerful asset of all large and Multinational Companies throughout the world, providing them continued global market, economic dominance and profitability. They decide mergers and acquisitions based on the Intellectual Property Assets of the target S.M.Es/Partners. Intellectual Property Rights today are independent commodities / assets for trading by way of their safe licensing, joint RND/ Production ventures, recognized globally. They will soon acquire new status as commodity for International Trade 3 within the framework of TRIPS Agreement under WTO. The continuous advancement in science, new break-through in biotechnology and intensive research and development in the knowledge based pharmaceuticals sector has led to stronger protection of Intellectual Property Right in the developed countries. As the developing countries lagged far behind in the field of technology and research development, Trade Related Aspects of Intellectual Property Rights “TRIPS Agreement were brought into being by WTO in order to universalize the standards of Intellectual Property Right and Pharmaceuticals for developing countries on par with the developed countries”. The new order of Trade Agreements and policies has led to a situation in which stakes are high, competition is stiff, technology is changing fast and new products are replacing old and obsolete one's at amazing pace. In such a scenario, the challenges lying ahead of the Indian Pharmaceutical Industry are bound to be formidable and nerve-breaking.

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