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.
Abraham Lincoln once quoted “that patent system added the fuel of interest to the fire of genius”.
Of all the progress of the 21st century the most appreciated and the one that plays a crucial part of society are the pharmaceutical and biotechnology inventions. The present day wars on smart phones, denial of compulsory license have always paved the way for the patents to be a hot subject for debate. The past two decades have seen an increase in the filing and granting of patents across various nations. Patents play a major role in innovation and economic performance. The major contributor in patent filing was the implementation of strong laws taken by various national governments.
There is a misconception among the general public because of the recent ruling in pharma drugs and the denial of CL and ever greening of products that India is in fact bad place for innovators. This is in fact false. There have always been great efforts taken by policy makers of the country in bringing new polices and to exchange views with the patent society. One of the important areas of patent system is the term that a patent is granted because that defines the period during which the inventors have the exclusive right to their inventions. The Indian Patents Amendment Act, 2005 introduced product patents in India to be in accordance with the TRIPS which marked the beginning of a new era in India. This is a great time for India since there has been many new strategies enforced for the protection of IP rights by TRIPS and national patent policy. So it would be better to conclude by saying that for an effective patent system in a country one has to take measures in creating awareness among the public by carrying out awareness programmes at regular intervals and the amendment of Indian Patent Policy when necessary.