Adv. Prity Khastgir, Patent Attorney and Partner, Tech Corp Legal LLP
Biotech and pharmaceutical companies embody business models that extensively bank upon intellectual property rights, and corresponding intangible assets created by employing such intellectual property rights. Often, patents play a crucial role during growth of pharmaceutical and biotech companies and such patents are usually a result of collaborative research partnership between public and private sector.
Consequently, public policy pertaining to intellectual property rights (IPR) play a significant role in promoting innovation and expanding a healthy business environment. Recently, the Government of India approved a National intellectual property rights (IPR) policy aimed at encouraging innovation and improving access to healthcare, food security and environmental protection.
Specifically, the National Intellectual Property Rights Policy is aimed at promoting novel licensing models in addition to strengthening the already existing provisions of compulsory licensing, which have been a topic of debate and discussion among multiple stakeholders since its early days of conception. Among various objectives, the primary goal of National IPR Policy has been structured under seven (7) categories, including:
1. IPR Awareness: Outreach and Promotion
2. Generation of IPRs
3. Legal and Legislative Framework
4. Administration and Management
5. Commercialization of IPR
6. Enforcement and Adjudication
7. Human Capital Development
The Government of India believes that it is necessary to reach out to the less-visible IP generators and holders, especially in rural and remote areas, wherein emphasis would be laid on creating awareness regarding the rich heritage of India in terms of our Geographical Indications, Traditional Knowledge, Genetic Resources, Traditional Cultural Expressions and Folklore.