The Effect of TRIPS Implementation on Indian Patent Law: A Pharmaceutical Industry Perspective: With Special Reference to Healthcare Industry

Abstract

The Pharmaceutical Policy, 2002 of the Government of India emphasized upon diluting drug price control by suggesting criteria for price control that will reduce the basket of price control to a bunch of irrelevant or so drugs. The kinds of drugs that would be left under price control are mostly irrelevant to public health. The World Trade Organization (WTO) enacted the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) to provide reasonable standards of protection for each of its Member Countries. The TRIPS Agreement is a basic standards agreement that gives Members the option to offer more comprehensive intellectual property protection if they so choose. Members are free to choose how to apply the Agreement's provisions in accordance with their respective legal framework and practices. Since India joined the World Trade Organization's Agreement on Trade-Related Aspects of Intellectual Property Rights, the country's patent system has experienced substantial modifications. Product patent protection was made mandatory for developing nations in 1995. The TRIPS Agreement establishes basic requirements for patent protection, and when it was put into effect, the economic businesses underwent a significant transformation. Since its creation, the World Trade Organization's (WTO) member countries' intellectual property (IP) regime has changed and modified. Laws and organization rules are referenced in the TRIPS Agreement, making them enforceable for members.