Biotechnology is one of the best examples for a field which is a combination of various different disciplines. Biotechnology revolves around biology, chemistry, physics .. etc.,. You name the discipline and biotechnology is connected with it. An area where the limit for innovation has no bounds, a form of protection is required to keep the knowledge safe and preserved. Intellectual property rights provides that shield and the barrier to protect it.
Aspects of IPR involved in Biotechnology :
- Plant Breeder’s Rights and Farmer’s Variety Act
- Trade Secrets
Role of IPR in biotechnology industry :
- Patent Protection :
Inventions are majorly protected under patents. Any new product or process can be patented. A patent helps in gaining that pivotal edge in the market. Suppose you have designed a new drug and want to launch it in the market but there is a possibility that someone else might steal it. The concern that arises here is to keep it safe and patent helps in providing this security for your invention. Any use of it has to be authorised.
- Revenue Generation :
License is awarding of a body the permission to use your patent. This license can be awarded in exchange for royalty or any form of compensation ( usually monetary compensation). These royalties are a source of revenue and can help providing an extra source of income for the organization.
- Investment Cycle :
IPR helps in maintaining the investment cycle for the organization. The investment cycle has to be maintained because constant influx of money in Research and Development is vital for the organization. It helps them always stay on the front foot.
- Reward :
IPR helps in rewarding those people who have done the hard work and who have put in a shift. It is very important to always reward the workers and IPR helps in doing that. It protects the innovator from being robbed and provides him a platform to portray his skill.
- Protection with no restrictions :
It is very important that protection to any form intellectual property has to be awarded and IPR no matter what provides that. In India, plants cannot be patented but a different IPR has been designed to protect it. Plant Breeder’s Rights has been designed to protect the plant varieties.
Similarly, softwares are not patentable in India, and Bioinformatics comprises of these drug designing softwares. Copyright helps in providing protection for this.