Intellectual Property and its Role in the Pharmaceutical Industry

Dec 2022

Intellectual property rights are considered to be an important asset of any corporate unit. It is an indication of the creation of mind and the work that makes one entity different from the other. With better IP or intellectual rights, it would be easy to promote the possible innovations and this would be useful in the pharmaceutical industry. It is among the fastest-growing industries that will not be affected by recession or any other changes. Being one of the prime sources of medical innovation, it is important to consider what role intellectual property plays in the industry.

The right is also considered as the foundation based on which different medicinal innovations are coming out. Without the benefits of IP protection, it would have been impossible for the researchers to practice different innovations and come out with discoveries in this industry and offer better ways of cure for the sick.

Role of IPR in the pharmaceutical industry

The medical innovations that have resulted in the discovery of life-supporting drugs need protection that is offered via Intellectual property rights. The connection between the pharmaceutical item and the consumer depends on trust. This apart, the trademark of the company helps to protect the brand from distinguishing it from others. With the help of the patents, the drug company can market the item while preventing others from selling it under a different brand name. With the help of IPR, it helps identify, commercialize, plan, and protect the inventories of one company. This helps maintain better competition of the medicinal drugs, promoting better growth and development of the brands. As the companies are coming up with the latest development and innovations, IPR proves to be beneficial for the companies. Let us take a glance at some importance of IPR in pharmaceutical industries.

Better protection of medical items

A company should file for a patent application to protect the misuse of any drug or item of medical treatment. It can prevent the chances of reverse engineered, stolen for invention, and the like.

Prevents problems of infringement

With IPR, the companies can take steps against infringement of items. This further helps ensure the safety of the medical inventories across the world.

Therefore, for the proper promotion of medical innovations, the IPR plays a pivotal role in protecting it. Further, it encourages developing new drugs to fight new disease challenges that come up. The innovative ideas are converted to new medications.

Trending Blogs

Lack of Music Publishing Knowledge Robbing Indian Artists of their Rights

In India there has been a lack of knowledge regarding publishing music. It can be said that a large part of publishing an art for is still unexplored. It is not about the common people but the artists and the music companies are oblivious towards it. At the initial stage due to lack of knowledge […]

Protection Folklores India Intellectual Property Rights

India is a land of diversity when it comes to folk and ethnic culture with hundreds of ethnic, linguistic and religious groups with diverse origins and lifestyles that, over time, intermingled in part and remained untouched in parts over centuries. Perception about folklore differs in India, mainly associated with tribals and simple rural people, rather […]

These days, there is an increased use of smartphones, computers and tablets and multimedia has shown its great influence in our lives. In the digital world, there are several works used by us. Have you thought whose work are we using? Well, none of us have tried to find out the owner of the work […]

Trademarking surnames

Having difficult surnames may be challenging to explain others and also when you want to register the name as trademark. As per the trademark and merchandise act of 1958, it is stated that a mark can be refused if one choose a personal name or surname. Though, there is no such clear specification in the […]

Why Are Drug Patents Important Everything You Need to Know?

Before you ask for the importance of patent in the Pharmaceutical world, let us first learn about Patents. After a song is recorder, the song is approached by various music production companies who would like to rent the copyright of the song for marketing purpose and earn profit from it. And patent is almost similar, […]

3D Printing and IPR

The three-dimensional or 3D printing service is different from the traditional way of manufacturing. In the 3D process, objects are created layer wise to get the desired three dimensional impacts. Since the inception of this latest idea in 1980s, it has gone through several changes in the technology used. This requires use of different production […]

Need for Kashmiri Saffron to get the GI tag

The Kashmiri Saffron has been given geographical indication tag recently from Lieutenant Governor G C Murmu. The acquiring of GI tag is a step ahead in bringing the brand among the list of top ones. The tag has been given for the saffron grown in Kashmir. In this regard, it can be said that the […]

Well Known Trademark And Indian Law

What is well-known trademark? As per new Trade Mark Rules 2017, a new procedure has been created that allows the Registrar to proclaim a particular trademark as “well known”. Section 2(1)(zg) Of The Trademark Act, 1999 states that well- known trademark is a mark which has become well known to the section of the public […]

Music Law 101: What Does Copyright Law Protect?

Music Law 101 is all about protecting different musical works along with sound recordings to its original creator. As copyright can be a confusing part, it is better to know what all it protects so that it becomes easy. It is known that each piece of recording has two types of copyrights. First, it protects […]

Early-Stage Intellectual Property to Raise More Money

What is Artificial Intelligence? Creation of innovative ideas is what matters the most in running a business. People were least bothered to patent the designs. But with increasing use of almost similar ideas in the businesses, it is of great importance to patent the ideas. This shall help in better growth of the business and […]