Trips Agreement-Impact On India

[1] [2] Indian patent law was amended in accordance with the TRIPS AGREEMENT after India signed the TRIPS agreement. As a result, many multinationals have begun to invest in India. NCMs have also begun their research and development process in India, which indirectly increased India`s economic growth and enabled the Indian population to gain jobs. Currently, India needs to invite more multinationals to invest and launch their research and development process in India. In this way, the Indian economy will grow. India`s pharmaceutical industry has grown from $6 billion to $30 billion over the past decade, as many multinational pharmaceutical companies have invested in India and begun their research and development process after 2005. Intellectual property protection plays a very important role in India. Over the past two or three decades, a number of changes have been made to IP policy and regulation in India to strengthen intellectual property protection, including patent, trademark, copyright, design and geographic indication. India signed the TRIPS agreement in 1994, which came into force on 1 January 1995. In India, pharmaceutical patents were not issued until 1995, which changed after the TRIPS agreement came into force and was amended in 1995 by the Patent Act 1970.

Section 5 of the 1970 Patent Act, which states that the patent is issued only for methods or processes and not for products, was repealed as a result of the 2005 amendment, so that methods or processes are now being granted not only, but also pharmaceuticals that have had a very large influence on economic growth. A patent is one of the most effective intellectual characteristics for achieving economic development. The number of patent applications filed by India in recent days has increased compared to previous years and has therefore led to economic growth. Today, multinational companies based in India have clearly demonstrated the impact of intellectual property on global economic growth. From 1999 to 2017, a survey was conducted on patent filings in India. The survey clearly shows an increase in the number of patent applications from year to year after India signed the ON TRIPS agreement and also shows a very significant increase in the number of patent applications after 2004-2005 as Section 5 of the Patent Act, 1970 was repealed in 2005. India`s pharmaceutical companies are the third largest in the world due to the production of generic drugs at very advantageous prices and the export of these drugs to many countries like Africa, Latin America and other Asian countries, because the production costs in India is very low compared to the United States and Europe.


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