Pharma Companies File 15% of Patents in India
The Indian Pharma industry is primarily known for its Generic Drugs. But recently, to push its value higher in the market, the Indian pharmaceutical industry is investing more in research and development of new drugs along with increasing the potency of the existing ones to move up the value chain.
From 2013-2015, out of the 1.3 lakhs patent submitted for a certain drug, more than 15% of the total amount was filed in India as per the report issued by Clarivate Analytics.
The Indian Pharmaceutical companies have witnessed a steady growth of their industry in the past few years which have eventually helped thousands of companies to grow. The reason behind this can be the flexibility of the government and minimized competition from the overseas market.
Now, the industry is forced to reopen its business models and long term strategies as it enters the global trade market. And due to this rising competition, the protection of the intellectual proper is also increasing at the same time.
Constant efforts are being made to curb the weak enforceability of the patents. Now, the Indian government is working towards introducing a new patent law that will consider the technological advancement a factor along with staying in par with the global market.
Concerning pharmaceuticals, on account of substances planned for utilize or equipped for being utilized as nourishment, medications or meds or substances created by compound procedures, licenses are conceded uniquely for the procedures of assembling of such substances and not for the substances themselves. Thus, pharmaceutical items are right now not allowed patent assurance under Indian law.
India had an item patent system for all innovations under the Patents and Designs Act 1911. Be that as it may, in 1970, the legislature presented the new Patents Act, which rejected pharmaceuticals and agrochemical items from qualification for licenses.
This prohibition was acquainted with split away India’s reliance on imports for mass medications and definitions and accommodate advancement of a confident indigenous pharmaceutical industry.
Recently, the Indian pharmaceutical industry has signed a contract with as many as 55 research organizations along with multination pharmaceuticals companies in terms of drug development, M&A deals, and drug manufacturing supply, drug development and commercialisation of the drug.
As of now, the industry is focusing more on manufacturing drugs for diabetes, epilepsy, dermatology, antibacterial, inflammation along with multiple infection variants as well as oncology.