The new Intellectual Property Policy released by the Finance Minister
Sunday 15th of May 2016
Arun Jaitley released India’s National Intellectual Property Rights (IPR) Policy recently
. The Policy which is in compliance with WTO
's (World Trade Organisation
) agreement on TRIPS
(Trade Related aspects of IPRs
), aims to sustain entrepreneurship and boost Prime Minister Narendra Modi's pet scheme 'Make in India'.
Since Prime Minister Narendra Modi took office in 2014, global drug brands led by U.S. companies have been pushing for changes to India's intellectual property rules.
India's strained patent and intellectual property administration has failed to keep pace with growing technological advances. Global pharmaceuticals players have often complained about India's price controls and marketing restrictions.
Nirmala Sitharaman, commerce and industry minister, told lawmakers last month that over 237,000 applications were pending in India's four patent offices.
The policy aims to spread awareness among public about trademarks, copyrights and patents to promote innovation within the country, Finance Minister Arun Jaitley told reporters.
The new policy will try to safeguard the interests of rights owners with the wider public interest, while combating infringements of intellectual property rights.Intellectural Property Policy
IPR Awareness: Outreach and Promotion- It seeks to create public awareness about the social, economic and cultural benefits of IPRs among all sections of society.
Generation of IPRs: It seeks to stimulate the generation of IPRs.
Legal and Legislative Framework: It call for a strong and effective IPR laws, which will have balance the larger public interest and interests of rights owners.
Administration and Management: It seeks to strengthen and modernize service-oriented IPR administration.
Commercialization of IPRs: Provide appropriate value for IPRs through commercialization.
Enforcement and Adjudication: Seeks to strengthen the adjudicatory and enforcement mechanisms for combating IPR infringements.
Human Capital Development: Seeks to expand and strengthen human resources, capacities and institutions for teaching, research, training and skill building in IPRs.