Importance of Intellectual Property Rights in...

Importance of Intellectual Property Rights in the Research and Development

Author Name : Dr. Anil kumar

ABSTRACT

In intellectual property rights have been defined as ideas, inventions, and creative expressions based on which there is a public willingness to bestow the status of property. They  provide certain exclusive rights to the inventors or creators of that property, in order to enable them to reap commercial benefits from their creative efforts or reputation. There are several types of intellectual property protection like patent, copyright, trademark, etc. Patent is a recognition for an invention, which satisfies the criteria of global novelty, non-obviousness, and industrial application. Intellectual Property Rights is prerequisite for better identification, planning, commercialization, rendering, and thereby protection of invention or creativity. Each industry should evolve its own Intellectual Property Rights policies, management style, strategies, and so on depending on its area of specialty. Pharmaceutical industry currently has an evolving Intellectual Property Rights strategy requiring a better focus and approach in the coming era.

Keywords: Drug, intellectual property, license, patent, pharmaceutical