WHAT IS INTELLECTUAL PROPERTY?
Intellectual property refers to any;
- Creations of mind
- Inventions
- Literary & artistic works
- Symbols, names, and images used in commerce.
Intellectual property is divided into two categories;
Industrial property like patents for inventions, trademarks, industrial designs, and geographical indications.
Copyright for literary works, architectural design, and broadcasting.
WHAT IS INTELLECTUAL PROPERTY RIGHTS?
IP rights are like any other property rights which allow creators or owners of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation
With the “TRIPS” treaty (Trade-Related aspects of Intellectual Property Rights), many pharmaceutical companies are gearing up for potential tie-ups with India post-2005. The entire world started having a feeling that India is the right place to invest because of the protection the state offered on intellectual property.
WHY PROMOTE AND PROTECT INTELLECTUAL PROPERTY?
First, the progress and well-being of humanity rest on its capacity to create and invest new works in the area of technology and culture. Secondly, the legal protection of new creation encourages the commitment of additional resources for future innovation. And finally, the promotion and protection of IP spurs economic growth, creates new jobs, and enhances the quality and enjoyment of life.
INTELLECTUAL PROPERTY ACTS IN INDIA
The law in India relating to IP the rights of its exploitation and use are contained in;
- Trade marks Act 1999
- Patent Act 1970
- Designs Act 2000
- Copyright Act 1957
As in case if the owner of proprietary technology want to patent any technology in India only a” PROCESS” for developing a drug is patentable under the Patent Act (section5(1)(a). No patents shall be granted in respect of claims for the substance.
R&D CONTRACTS
In India there is no specific type for R&D contract, but we follow the general contracts as per the Contract Act of 1857.and is fully based on the terms and conditions put together by different parties on various arrangements. But always the legal frame work of R&D contracts is based on the Drugs and Cosmetic Act (1940-the Drugs Act and 1945-Drugs Rules). The R&D contracts should be structured in a manner that best reflects the intention of both the parties.
The layout of R&D contract should cover;
- Terms of the contract
- Obligations of the respective parties
- Ownership of innovations
- Ownership of existing IP
- Confidentiality & non-compete
- Representation and warranties
- Indemnification clause
CONCLUSION
The new patent regime will stimulate research and development in India. Companies who were earlier hesitant to do R&D in India will invest money into the pharmaceutical sector and bring in international best practices which will gradually help India to become an international hub for research activities.
