Abstract

INTELLECTUAL PROPERTY RIGHTS AND ITS CONSEQUENCES FOR THE PHARMACEUTICAL INDUSTRY

Vijay Kumar Jatoliya*, Govind Sahay Shukla, Rajaram Agarwal and Manisha Goyal

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Abstract

The term "intellectual property rights" (IPR) refers to the legal privileges granted to the inventor or creator to safeguard their work for a predetermined amount of time. These legal rights allow the inventor or creator, or his assignee, the sole right to fully exploit their idea or creativity for a specific amount of time. It is widely acknowledged that IP is essential to the modern economy. Research and development (R&D) expenses have increased dramatically, and this has led to an increase in the investments needed to introduce new technologies to the market A legal notion known as intellectual property relates to works of creative genius for which exclusive rights are acknowledged. Copyright, trademarks, patents, industrial design rights, trade dress, and, in some jurisdictions, trade secrets are examples of common intellectual property rights. Despite the fact that the medical and scientific community around the world has a very strong opposing opinion regarding the safety and efficacy of Ayurvedic medicines, Ayurveda is receiving its just due recognition as a logical system of medicine. The Indian patent law has provisions that make it difficult to patent Ayurvedic medications. It is urgently necessary to alter the patenting rules with practical promotional strategies if the authors must invite researchers from basic science to ensure the quality, safety, and efficacy of Ayurveda medications. Many people and organizations are exploring the potential for business benefits of using traditional Ayurveda knowledge due to provisions of intellectual property rights under the International Intellectual Property Organization and patents.

Keywords: Intellectual property, Research, patent copyright, Ayurveda, Quality, Safety etc.