Intellectual Property Rights And Their Impacts In The Pharmaceutical Industry

Abstract

The pharmaceutical industry runs on innovation to expand in the market. The goal of any pharmaceutical is drug discovery and generating profits from such investments. The reward for success in innovation is generally high if it impacts multiple lives. Medications are developed by investing huge sums of money in the research and development of any drug. Any company that wants to achieve a good position in the market must constantly develop different strategies to gain a competitive advantage and protect its positions in the market. Intellectual property rights play a vital role. Intellectual Property Rights help protect a company's invention. It helps to promote healthy competition in the market which proves to be beneficial for the country's economy. It is also an important tool to protect their invested time, money and effort, thereby promoting industrial development and economic growth. There are several types of intellectual property protection, such as patent, copyright, trademark, etc. A patent is recognition of an invention that meets the criteria of global novelty, non-obviousness and industrial utility. Intellectual property rights are a prerequisite for better identification, planning, commercialization, rendering and thus protection of invention or creativity. Each industry should develop its own IPR policies, management style, strategies and so on depending on its area of specialization. The pharmaceutical industry currently has an evolving IPR strategy that requires better focus  and approach in the coming era.