Patent: A Tool For Providing Protection To Innovative Research Ideas

Abstract

A patent is an exclusive right granted by the government to the original inventor or researcher of an invention, it is
recognized internationally by the trade related intellectual property rights agreement (TRIPS) governed by the WTO (world
trade organization).IPR is legal right which is granted to a person for creation of the mind. In the present article, a brief
historical background of intellectual property rights in relation to the Indian pharmaceutical sector has been summarized
because role of Intellectual Property Rights (IPR) is very significant in pharmaceutical industries. Patenting invention is
one parameter that enhances the strength of a country economically. The purpose of patent is to encourage inventions by
promoting protection and utilization innovative research ideas. The concept of compulsory licensing is briefly discussed
according to the Indian pharmaceutical market. Compulsory license is a permission granted by the government to a non
patentee to make a patented product.