BALANCING INNOVATION AND ACCESSIBILITY: PATENTS IN INDIA’S PHARMACEUTICAL INDUSTRY
AUTHORS – SANTOSH ROSHAN T & MATHEW SN, STUDENTS AT SASTRA DEEMED UNIVERSITY, THANJAVUR
BEST CITATION – SANTOSH ROSHAN T & MATHEW SN, BALANCING INNOVATION AND ACCESSIBILITY: PATENTS IN INDIA’S PHARMACEUTICAL INDUSTRY, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (4) OF 2024, PG. 748-756, APIS – 3920 – 0001 & ISSN – 2583-2344.
ABSTRACT
The pharmaceutical sector is a pillar of innovation, and research and development (R&D) is mostly driven by patents. Patents give pharmaceutical businesses the certainty they need to invest in the costly and time-consuming process of medication research by giving exclusive rights. India, a world leader in pharmaceutical manufacturing, especially in the generics sector, has improved its innovation environment by utilising patents to solve the issues of pricing and accessibility. Pharmaceutical businesses can develop ground-breaking treatments and technology with the help of patents, which are essential for promoting innovation. But they also pose moral and financial conundrums, especially in light of exorbitant prescription costs and the limited supply of life-saving drugs in developing nations. India’s distinct strategy, which emphasises affordability and innovation, emphasises how crucial it is to strike a balance between the two goals of promoting innovation and protecting public health. This study looks at how patents support pharmaceutical innovation in India and how they affect the R&D environment, accessibility, and the economy. It also explores current developments that have changed the sector, like the emergence of biologics, biosimilars, and collaborative innovation models. The study emphasises the necessity of policies that prioritise fair access to medications, promote technological transfer, and expedite patent procedures. By tackling these issues, India can maintain its position as a leader in the pharmaceutical industry worldwide and show that public health and innovation don’t have to conflict.
Keywords: Innovation, Patent, pharmaceutical sector, Research & development, Technology.