Trips Agreement-Impact On India

[2] [1] Indian pharmaceutical companies are the third largest in the world, producing generic drugs at very low prices and exporting to many countries such as Africa, Latin America and other Asian countries, because production costs in India are very low compared to the United States and Europe. According to the report of WIPO (World Intellectual Property Organization), pharmaceutical patent applications are the second most important issue in India, and this was ignored after 2005, when India passed the law authorizing product patents. India`s pharmaceutical industry has grown from $6 billion in 2005 to $30 billion in 2015, and is expected to reach $55 billion by 2020. 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very significant increase in the number of patent applications after 2004-2005 as Section 5 of the Patent Act, 1970 was repealed in 2005. [3] 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of the 1970 Patent Act, which states that the patent is issued only for methods or processes and not for products, was repealed as a result of the 2005 amendment, so that methods or processes are now being granted not only, but also pharmaceuticals that have had a very large influence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.