Tuesday, March 22, 2005
LS passes Patents Bill
A key development in India's commitment to the World Trade Organization - the Patents Bil was passed by the Lok Sabha today. This has far reaching implications for Indian industry - particularly in the areas of pharmaceuticals, agriculture and software. The indian pharmaceutical industry, long protected by the Indian Patent Act of 1970 - which did not recognize product patents for drugs, has now been exposed to open competition from the heavyweights of the world. Hopefully, a 30 year cushion was sufficient to be able to compete in the intensely competitive pharma market.