The pharmaceutical industry is one of the evergreen industries in the world. No matter what happens, whether the economy is on its most stable behaviour or in recession mode. Any day a person can fall sick or might require his supplement pills. Basically the products are used 24/7.
What are the types of IPR involved in pharmaceutical industry ?
- Industrial designs
- Trade Secrets
Protection of invention:
You have designed or developed a drug and you need to protect it or else it is going to be stolen from you. So the way to protect is either by getting it patented or under trade secret. The problem with trade secret is that it the drug can be reverse engineered and hence your invention can be stolen. Whereas patent provides a much more water tight protection.
Economic growth and competitiveness
IPR is very important for economic growth of a company. Awarding sole rights to the inventor gives him the privilege of reaping the profits without any division. The marketing rights over the product are solely the inventors and he can sell it or license it. The company can earn a lot and reinvest it. Investing in research and development is very important for a company as it has to stay in the forefront.
Protects consumers and families
IPR’s main interest lies in public safety. Protection and safety of public is always given importance. IPR helps the consumer in making the right choice when selecting a product. IPR helps in ensuring a standard and assures quality which helps the consumer make his choice and puts him at ease
Generate solutions to global challenges
Promoting innovation is very important but at the same time you need funding to do it. IPR gives you the right encouragement to do it. There is a need for developing new drugs and vaccines as there are new diseases being discovered daily or there is resistance development by the pathogen.
Encourage innovation and reward entrepreneurs
It is very important that the right push is given for inventors to keep them motivated. It is also important that they are recognized for their work. IPR gives them this encouragement.
It enables a free flow of information by enabling a safe environment. When you know it is safe to share your invention then there is going to be a safe channel for exchange.