IPR in Pharmaceuticals Balancing Innovation & Access
Indian pharmaceutical industry is a prominent
industry in terms of production, consumption and
exports of pharmaceutical products. Following the
enforcement of Indian Patents (Amendment) Act,
2005, the country has been generating high
revenues globally, and is currently the world’s third
largest pharmaceuticals market, in terms of
volume sales. The Act has also encouraged
innovator multinational companies to sell their
products in India, without worrying about a lowpriced
copycat version, due to product patent
protection. Further, with reduction in the approval
time for set up of new pharmaceutical companies,
the Indian pharmaceuticals market is expected to
soar high over the next five years.