In ensuring that innovation is always encouraged and appreciated intellectual property rights play an important role. India has one of the strictest patent laws in the world which also make sure that its pharmaceutical patents are accessible to public at reasonable cost. Indian patent law has always restricted giant pharmaceutical companies from entering the industry by just making minor modifications in their patents. Once a patent for a drug is expired it can be sold in the market for a cheaper price.
There is n number of ways to protect innovation. IP can be protected by patents, trademarks, design rights, copyrights and trade secrets. Of the entire IP rights patent play an important role in protecting inventions. The introduction of patents is to promote innovation in every technology field. The effort and time spend on R and D, manufacturing, delivery of goods will be of no use if a country does not have strong IP laws. A patent is a form of intellectual property right which grants exclusive privilege to the inventor to use the invention and preventing others from making, using, selling his invention without his knowledge.