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

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 […]

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 […]

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, […]

The Clash Of Jurisdiction Of CCI And TRAI

Overlapping Jurisdiction The Competition Act, 2002 read with section 18 of the legislation delegates to the Competition Commission of India (the “CCI”) the duty of “promoting and sustaining competition” in the Indian economy. This implies that the CCI will have principal jurisdiction to regulate conditions of competition in the relevant market of India. Whereas, Section […]

Can Religious Symbols Be Registered As Trademarks?

Are you planning to register religious symbols as trademarks? Well, you should research thoroughly to understand the use of religious symbols as trademarks. You have to consider the sentiments of people before you plan to use regions symbol for your business. India being a secular country encourages different citizen follows different religions, practicing it and […]

Intellectual Property Rights in the Era of Counterfeit Goods

The industry of counterfeited products has taken shape due to the desire of customers to get hands-on high quality item at reasonable rates. They have great satisfaction in this and this is where the counterfeited goods are made available in the market. Different world markets are full of counterfeited products ranging from cosmetics, electronics, footwear, […]

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 […]

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 […]

Patents – An Important Tool for Pharmaceutical Industry

For suitable protection of medical inventions, patents are the perfect option. This would also safeguard medical discoveries that are research-based and it is done by most of the pharmaceutical companies. In return for the protection offered by the patent, it can disclose the research used in coming up with the medical innovation in the pharmaceutical […]

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 […]