Intellectual Property Rights: Pharma Prospective

Regarding market share and its contribution to our nation's Gross Domestic Product, the Indian pharmaceutical industry has experienced tremendous growth in recent decades. The domestic pharmaceutical market in India is anticipated to reach USD 41 billion in 2021, USD 65 billion by 2024, and USD 120–130 billion by 2030. Given the bright future of the pharmaceutical sector, the Indian government is actively working to promote this sector by introducing and enforcing regulations that are on par with international standards.

The need for companies to protect their intellectual property rights grows as a result of market expansion and investment from key industry players. The scope and application of Indian law's protection of pharmaceutical trademarks and patents are discussed in this book.

Intellectual Property Rights: Pharma Prospectiveare thought to be concepts, innovations, and artistic creations upon which the public is willing to bestow the status of property.In order for the inventors or creators of that property to profit commercially from their creative endeavours or reputation, IPR grant them specific exclusive rights. There are various forms of intellectual property protection, including trademark, copyright, and patent. An invention that satisfies the requirements of universal novelty, non-obviousness, and industrial application is given a patent. IPR is a requirement for better invention or creative work identification, planning, commercialization, and protection.Depending on its area of specialisation, each industry should develop its own IPR policies, management style, strategies, and so forth. The IPR strategy used by the pharmaceutical industry is currently changing, and a better focus and strategy will be needed in the future.