The Indian Government today unveiled the first National Intellectual Property Rights Policy (IPR) with an aim to foster innovation and R&D culture in the country. While stressing on improving the Ease of Doing business in the country, the policy aims to bring in “A Creative India, An Innovative India”.
The Department of Industrial Policy & Promotion (DIPP) will be the nodal department responsible for coordinating, guiding and overseeing implementation and development of IPRs in India. As per the policy, there will be no changes to compulsory licenses issued to pharma companies and no amendments to evergreening of patents. India’s first IPR policy is said to be WTO-complaint by the Finance Minister Arun Jaitley.
The policy would protect products of human intelligence through copyrights, patents and trademarks and it will cover music, industrial designs, cinema besides publishing. The new policy will make the trademark registration process easier and faster. While earlier it took years to get a trademark registered, the policy aims to reduce this time to only a month.
It remains to be seen how well the new IPR policy will be implemented and how the global and local pharmaceutical industries will respond to the policy.