Why is Patent Protection unable to fulfil its objectives in Pharmaceutical Area?
The international pharmaceutical company operating globally leverages the Patent System to safeguard its interest. Regardless, being attached to a robust lawful framework influenced by pharma entities for the sake of monetary benefits. The supposed lobby system in our nation is held accountable for the uneven costing of the drug and illegal profit distribution. It is the public who pays the price of such an illegal act by buying medicine at a significantly higher price. In the purview of the above statement, let’s understand why Patent protection is unable to fulfil its objective in the pharmaceutical area.
Significant Objectives of a Patent
Generally, a Patent serves two different purposes; one, it lightens up the interest among the manufacturers to raise their research activities & address the challenging areas. The second purpose is to promote the broader good of the country. The period selected for the special use of new technology was planned to be considerably short, with the masses gaining the eternity benefits. As such, the Patent was chiefly designed to inspire not only the interest of its creator or author but also the nation’s development.
Brief on Various Patent Protection Eligibility Criteria and Qualifications
The following section delivers the details concerning the Patent protection qualification is needed to file for a Patent. Any invention concerning the product or process that doesn’t show the classification of non-patentable products delights Patent protection in India. The eligibility concerning Patent protection in India is as follows:
Why is the Process of Patent failing to serve its Mainstay Objectives?
The purpose of the Patent Registration process and the balances between the dual objectives has been twisted over the past decade. More and more, pharmaceutical entities are not driving sufficient money in R&D (Research and Development) proportional to the profits they gather from the medicines they rolled out in the market, despite their struggle on the contrary. Instead, many drug producers have found that it’s favourable from a financial outlook to both obtain the right to improve drug by others or buy out a prescription already present in the market and increase the price. As an outcome, the Patent protection has now reserved and failing to serves its main objectives.
How to Protect Ideas in the Patent Absence?
Procuring Patent protection is an expensive affair, and frequently new concepts might possess non-adherence with the qualification Patent protection. Therefore, you might require to look for another alternative to protect the concept or idea in such situations. The following plans would aid you to overcome that dilemma and might prove helpful in safeguarding your thoughts.
Ensure to conduct a deep research before hiring any 3rd parties to serve this objective. Ensure to protect considerable evidence concerning the track record of the company to find out its performance in the proposed area.
- Draft a confidentiality contract known as Non-Disclosure Agreement with the associates to protect your idea or concept;
- Draft a non-compete agreement while appointing workforce to avoid any violation of the idea;
- Moreover, make an application concerning the provisional Patent to avail initial protection for your invention or design;
- If applicable, attempt to procure Trademark Registration if your idea adheres to creativeness or which is concerning branding.
Why The Drug Industry Require Patent Protection More Than Ever?
Patent protection is an asset for the pharmaceutical industries finding it challenging to protect their concepts or ideas. Huge pharma industries spend billions of dollars every year for the advancement & testing of new medicines. Moreover, once they succeed in inventing a new group of drugs, they choose the Patent Registration to protect them against the duplication act. At the time of Patent Registration, the candidates are hypothetical to publish the new medicine, enabling them to sell it exclusively.
Officially, the Patent Registration remains valid for twenty years. The proposed timeline is sufficient for the Pharma Corporations to get back the funds they invested in improving the drug. Moreover, the Patent protection system prepares the roadmap for further improvement by ensuring the commercial inducement for the company. But, the fierce lobbying by the vast organisation and agencies has damaged its credibility to a substantial extent.
Patent protection has come out as primary options for the manufacturers of drugs for protecting the Intellectual Property Right of the newly improved medicines. While Patent can permit the entities to boost the price of their medicines, the Government has to step in to inspire new provision in the Patent Law. This not only helps the masses to pay a smaller amount of money for the drug but also enables the entities to develop their credibility with time. The Government must consider revising the policies under the Patent Act to get drug manufacture increasingly on board. This would enable the manufactures to decant in a substantial amount of money to improve new drug & enjoy long-term advantages.
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