India’s Intellectual Property Rights regime requires a comprehensive make over. Do you agree with this view? Comment (200 Words)
Refer - Business Line
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IAS Parliament 3 years
KEY POINTS
· The 161st Report of the Parliamentary Standing Committee on Commerce was much discussed within legal circles and appreciated by the US Chambers of Commerce in its 10th edition of the International Intellectual Property (IP) Index.
· A lot can be learned and adopted from their patent strategy, which is focussed on filing and acquiring high-value patents for their business interests.
· According to Economic Survey 2021-22, India’s domestic filing of patents rose 30 per cent in the last five years whereas the number of patents granted during the same period almost tripled.
· This necessitates establishing a robust IPR regime with targeted strategies and government policies that will strongly support the holistic development and sustainability of the intellectual rights of individuals.
· With continuous efforts in this direction, India has significantly improved its ranking on the International IP Index and currently stands 43rd among 55 countries.
· The committee, in its report, has further recognised the significance of industry-academia partnership to boost research and innovation, primarily in the pharmaceutical sector.
· To foster IP cooperation between nations, the report recommends collaborative efforts with other countries and international organisations through MoUs, which will result in the exchange of crucial information on the best practices and expertise in IPR.
Manish 3 years
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IAS Parliament 3 years
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