Patents for Pharmaceutical Products and Technology:An Updated Review

Patents are one of the most important forms of Intellectual Property Rights needed for protection of the innovation in pharmaceutical industry. Each innovation in pharmaceutical industry requires considerable amount of investment in research and development activity in the industry. Specialized workers are required for undertaking the activities that could usher in the element of innovation in pharmaceutical industry. These innovations can be in the form of pharmaceutical, biotechnology, nanotechnology and herbal products as well as in the form of technology used in production process, pre-formulation, formulation and packaging of such products. There are market-specific issues that are required to be addressed keeping in view the various trade agreements and court decisions. In many cases, the patents may require compulsory licensing to the third parties. In many cases, pharmaceutical industry feels threatened by bilateral or multilateral trade agreements / treaties, patent protection acts and court decisions. There is an urgent need to address this issue so that the pharmaceutical industry is able to contribute its desired inputs in the welfare of the people in need of new medicines. The present paper is an attempt to give a concise overview of the issues in Patents for Pharmaceutical Products and Technology.