By Amitav Singh, National University of Advanced Legal Studies, Kochi “Editor’s Note: With the rapid advancement of science and technology, the pharmaceutical industry has been flourishing the market with life saving drugs. Intellectual property rights of pharmaceuticals is governed by patent law. India being a signatory of the GATT is […]
‘Patent’ word derives its origin from the Latin word “Patere” which means to “open up”. Patent is an Intellectual Property Right that grants exclusive monopoly rights to the holder of the patent to use, manufacture, produce, sell and/or market the invention. Though patents provide an incentive to innovate but they also make it difficult for countries to keep health care costs low. Considering specifically pharmaceutical patents (product patents), monopoly rights to commercially exploit a drug may lead to high pricing of the drugs to recoup the R&D costs before expiration of term of the patent. Therefore, the issue becomes very significant because while patents are food for thought of inventors, it cannot be neglected that these do lead to high prices of drugs, thereby affecting the health of the society at large.