TRIPS and Pharmaceutical Industry: Issues of Strategic Importance

Trade Related Intellectual Property Rights (TRIPS) brings in uniformity in the standards of intellectual property rights among the member countries of the WTO irrespective of their developmental status. While this is expected to result in free flow of technology and investment among the member countries, yet the extent to which the benefits will accrue depend on the domestic industry and the developmental status of the country that is undertaking the reform measures. Viewed from this angle, India with its fairly developed pharmaceutical industry can benefit by suitably modifying its patent law. Further, the industry by strengthening its R&D, besides focusing on new product development can also benefit as a contract researcher and manufacturer.