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intellectual property and its importance
intellectual property and its importance
intellectual property and its importance
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Introduction A patent is a form of intellectual property which grants the patent holder an exclusive right to an invention. A patent grants the patent owner a negative right to prevent others from making, using, distributing or selling a patented product. A patent owner can choose to exercise such rights personally or can transfer his right through succession or through licensing . The patent in a sense grants the holder a monopoly in the market for a fixed period of time. The ultimate goal of the patent system would be to encourage innovation. The system was devised to incentivize inventiveness and maximize progress in science and technology through the free dissemination of knowledge . For an applicant to be granted a patent, the invention would have to meet certain standards of patentability such as novelty, utility, non-obviousness etc., and once such standards are met, the exclusive right will be granted to the inventor or his assignee in exchange for the public disclosure of the invention . The rationale behind this is that the inventors will be able to regain what they spent on the research and development of the product due to the exclusive right and it will also increase innovation due to the information regarding the invention being available in the public domain . In this paper we will largely be looking at the innovation in the pharmaceutical industry and how it is impacted by compulsory licensing. A compulsory license is an authorization granted by the government or national authority for a third party to use, make or sell a patent, without the consent of the patent holder . Section 84 of... ... middle of paper ... ...ave the concept of compulsory licensing active in India. Due to its status of a developing nation big international companies should not get the wrong idea that they can come to India and charge an outrageous price for their products without any objections from the Indian government because they would be keen on bringing these companies to India. In my point of view this decision in the Bayer case is one of the many such decisions, which would follow suit, but just because the first case has proved to be useful for the general public and large it does not mean that compulsory licensing is a fixed concept in India now. Going by the past trends it would not be wrong to say that it would take a few good years for India to regularly practice compulsory licensing and its true effects would also only be known only when a few more licenses are issued.
The patent system grants an exclusive right of manufacturing, selling, and profiting from a specific invention. It is designed with the purpose of providing advance research and development and to encourage broader economic activity; however, complete disclosure is required in exchange for the twenty year protection to become monopoly.
In terms of the economic environment, although India was characterized by low per capita gross domestic and Indian drug prices were among the lowest in the world, under the leadership of Dr. Monahan Singh, the country began the process of liberalization. This economic reform together with the globalization trend was moving the economy away from import substitution to an export-driven economy. Improvements on the infrastructure, distribution, logistics were aimed at attracting foreign direct investments which was encouraged by increasing the maximum limit of foreign ownership to 51% in the industry. At the same time, increased pressure from shareholders has caused a consolidation of the industry: more mergers and acquisitions will take place over the coming years.
In week 10 of spring semester we discussed chapter 11’s Intellectual Property Law. “Property establishes a relationship of legal exclusion between an owner and other people regarding limited resources.” In this chapter, we learn that the Constitution allows Congress “to promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors to the exclusive Right to their respective writings and discoveries.”
An opponent of our current patent law and system may make the argument that absent our intellectual property rights, innovations and discoveries would more closely exhibit the characteristics found in “pure public goods” such as national defense and education7. These examples are non-rival in consumption, there is enough to go around for everybody, and they are also non-excludable; no one is prevented from enjoying the good7. What these critics of our system fail to acknowledge is that an inventor could possibly bear the cost of making their discovery while everyone benefits on this free ride and prevents the original developer from ever recovering their initial investment of time and money. This flaw in the competitive system we would have absent IP law would potentially discourage some pioneers from their R&D. This would indicate that in some instances of innovation, the short-term monopoly provided by our patent law is a necessity to provide adequate incentive. The pharmaceutical industry is the poster child for this necessary protection provided by patents. In this sector, and to...
Although monopolies appear damaging at times, there are arguments that they are an advantage to society. Monopolies in the pharmaceutical industry drive companies to pursue research and development (R&D) efforts to gain new patents. According to a 1992 study, among the 24 US. Industry groups, pharmaceuticals dedicated 16.6% of their amounts to basic research, while all other industries averaged at 5.3% (Sherer 1307). This fact validates the incentive pharmaceutical companies have to get a patent and acquire more power. Pfizer encourages R&D because of the incentives and a want to obtain patents to receive more profit. Pfizer has to promote itself to be successful, creating a good brand image that consumers will trust. If the company can advertise successfully, more consumers will purc...
Patent rights, usually lasting up to 20 years before expiration, allow the pharmaceutical company which produced the drug, the right and ability to sell it. These patents create a temporary monopoly which allowing firms who paid for production to make a profit for their investment. Generally after the patent has expired, the drug is then mass produced under generic labeling, and is often much cheaper and accessible than was the patented version. But throughout the duration of the patent, availability of the drug has become a large problem. With only one company having exclusive rights in marketing and manufacturing the drug, it becomes unavailable in some countries and its high costs prevent those in need from obtaining it. The Drug Competition and Patent Term Restoration Act allows the FDA to approve the production of generic versions of previously patented drugs by bypassing the redundant health and safety research measures reducing the additional amount of years for public availability of the drug.
Some restaurateurs invent new tools and gadgets in an effort to make existing processes more efficient. When this happens, it is important that they take the time to file a patent to secure the rights to their invention (Sanderson, 2013). A patent is form of intellectual property law used to protect an invention; regardless of use, patents last for 20 years (Newton,
It is frequently argued that genetic patents are the root cause of innovation in research and development (R&D). Particularly, biotechnology companies assert that patents allow them to conduct innovative research by guaranteeing market control and royalties to the company, which reduces the overall risk of investing time and resources into costly research. Without
If Haydn had patented "a symphony, characterized by that sound is produced [ in extended sonata form ]", Mozart would have been in trouble. Patent - a writing securing to an inventor for a term of years the exclusive right to make, use, or sell an invention; or it may be the monopoly or right so granted[i].
Intellectual property protection has become increasingly popular in the last century. Many factors have probed interest in this area of the law. A few of those factors include musicians seeking protection of their musical talents through use of copyrights, companies seek to protect inventions of advanced production capabilities, companies create trademarks that differentiate their unique goods from competitors, and companies like Coca-Cola protect their undisclosed ingredients for their products through use of trade secrets. These examples are to gain an understanding of how and why intellectual property rights help companies seek advantages in the marketplace. Furthermore, as the world shrinks because of advancements in transportation and computer technology, intellectual property rights become a large part of entrepreneurship and product development. This paper will discuss the interesting and challenging topic of intellectual property protection. The four basic types of intellectual property include copyrights, patents, trademarks and trade secrets; we will discuss the intellectual properties in the order in which they are listed.
To prevent others from using, making, importing or selling the invention without his permission, a patent is the right granted to the invention's owner. A invention would be patentable if it is a product or a process that provides a problem a new technical solution. It can also be the composition of a new product, a new method of doing things, or even a technical improvement on how certain objects work. A patent's term is 20 years from the date of filing and is subjected to the payment of annual renewal fees once it is granted.
As we said above patents grant exclusive rights to an invention or a process of making and invention. So what does a patent cover? Chemical patents cover the structure of a molecule and also the process in which the molecule is made. This is a good thing for pharmaceutical companies who take out these patents as they can regulate the market. Because these companies own the rights of a molecule or drug exclusively they can restrict competition from competitors. Companies that have patents on drugs have the added benefit that they are the sole distributor of that drug and all profits go to them. Other companies cannot repl...
Patent protection in Malaysia is governed by the Patents Act 1983, and is obtainable by either or filing a direct national application or entering the national phase of a Patent Cooperation Treaty (PCT) application. There are two patent classifications that an applicant can choose upon application, the standard patent or design patent and the utility patent.
Tanielian, M. (April 15, 2013). Comments of the Coalition for Patent Fairness. United States Patent and Trademark Office, 1-22. Retrieved from http://www.uspto.gov/ip/global/patents/comments/753609930-1_cpf_-_letter_to_uspto.pdf
Intellectual property is information, original ideas and expressions of the persons mind that have profitable value and are protected under copyright, patent, service mark, trademark/trade secret regulation from replication, violation, and dilution. Intellectual property includes brand items, formulas, inventions, data, designs and the work of artists. It is one of the most tradable properties in the technology market.