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.
In this era of competition ‘advertisement’ is an indispensable tool of marketing. It provides knowledge to the customers about the new products available in the market. Right of commercial advertisements and the right of public at large to receive ‘commercial speech’ is guaranteed under Art 19(1) (a) which deals with the Freedom of Speech and Expression. When the ‘Advertising Standards Authority’ and ‘Federal Trade Commission’ form the authority to lay down standards for advertisements in UK and US respectively, in India we do not have a statutory authority.
If there is any area where there is perfect application of technology based legal process outsourcing (LPO), then that could be Insurance Litigation. Individuals and organizations purchase insurance policies from different insurance company to protect themselves from any kind of financial loss. The policy holders expect a sense of good faith and trust from these insurance companies and invest ample of money in the form of premium paid on monthly or yearly basis. The policy holders believe that these insurance companies will meet their required obligations when the insured files claim. Insurer that fails to follow on with their obligations may find themselves embroiled in Insurance Litigation. Policy holders, third party or beneficiaries may then file a court suit seeking damages whenever they find that the insurers are involved in unreasonable or unfair practices with regard to insurance coverage and claims. State statutes deal with any of such insurance handling claims and are responsible for the regulation of the claim handling procedure of the insurance companies.
In India all the corporate related matters are controlled by the Ministry of Corporate Affairs (Government of India). The controlling effects and administrative areas of Indian Ministry of Corporate affairs includes Administration of the Companies Act, 1956 and other related Acts, and Revision of Companies Act, 1956 etc.
It is an agreement signed between the product innovators and the manufacturers. These are usually a short term agreement (generally for a year). If the goods are well received in the market if the profit target is achieved and still the innovators feel that there is a need for manufacturing the product, then they may renew the agreement further. It gets terminated when the terms stipulated are completed. The agreement is made in such a manner that the liability almost vests on the manufacturers till the product/goods get delivered accordingly.
This contract is signed between ………………. (Product develope(r)) and …………… (manufacturer(s)) for the purpose of manufacturing the goods specified hereunder and complete delivery of the same adhering to the (time/day/place) as specified in this agreement. For which an amount specified and agreed shall be paid.