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Intellectual property-A strong determinant of Economic Growth

Author(s): Mummun rai | Love k Singh | Aarti Sharma

Journal: Journal of Pharmacy and Bioallied Sciences
ISSN 0975-7406

Volume: 1;
Issue: 1;
Start page: 7;
Date: 2009;
Original page

Keywords: Intellectual property rights | TRIPs | IPR regime | economic growth

The returns from almost all human endeavors can ultimately be translated into monetary gains. The past few yearshave seen increased attention to the strengthening of intellectual property rights due to globalization. The developmentof Intellectual property rights (IPR) over the years has invariably brought an upsurge in the outlook ofnations towards the aspect of societal and cultural growth, this being said with the preliminary assumption thateconomic growth has been the most affected realm and that it requires a separate spectrum of analysis. The artifactsbetween the IP regime and the national economy can be easily interpreted by the fact that India’s independencehad itself brought an era where the enactment of the national IP laws were considered to stand on the touchstoneof the market economy. The aim of the present paper is to investigate the impact of strong IP regime in theeconomic development of a nation and also a light is raised into Indian economy and creation for an efficientinnovating system is discussed. A strong relation of IPR wity pharma sector and biotech sector has been discussed.Undoubtedly, IP systems must be developed so as to bring in socio-economic well-being. The fact thatstrong IPR actually provoke IPR infringements in many developing nations also seems to be an issue which needsto be analyzed while understanding the need of the former. The trade-off between unfair competition laws and IPalso assumes importance of high magnitude and hence needs to be particularly emphasized. With the growingrecognition of IPR, the importance of world wide forums on IPR is realized. Companies, universities, and industrieswant to protect their IPR internationally. In order to reach this goal, countries have signed numerous agreementsand treaties.
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