TRIPS AND ITS IMPACT IN INDIAN PHARMACEUTICAL INDUSTRY

Podila Manjula*, G. Rajashekar Reddy, B. Ramu and Dr. B. Rajkamal

ABSTRACT

The Uruguay Round (1986 – 1994) was the turning point in the history of Intellectual Property Rights. This round included the Agreement on Intellectual Property Rights under which minimum uniform laws are to be carried out. The Agreement on TRIPs came into force on 1 January 1995 and is to be implemented over a six-year period ending 31 December 2000 for developed countries and over a ten-year period ending 31 December 2004 for developing countries India has always remained committed to the WTO and in every sphere; it has stood by those commitments. Going by such commitments to the WTO, India has amended its Intellectual Property Laws. Apart from meeting WTO obligations India has placed this new regime due to its economic rational. It enables pioneering firms lead time to recoup sunk cost on research and development.[1] India is ranked as the fastest emerging economy and a major global player in the years to come. The country has the largest scientific and technical human resources among top five countries in the world. India cannot afford to remain in isolation, disregarding the norms of international intellectual property rights convention. A careful consideration is equally essential in the future interest of macro-level development.[2] TRIPs was one of the most contentious issues in the Uruguay Round of multilateral trade negotiations, which was concluded in 1994 at Marrakesh. As a member of the World Trade Organisation (WTO), and having signed the General Agreement on Tariff and Trade (GATT), India has agreed to comply with all the instruments and annexes of GATT, including Trade Related Aspects of Intellectual Property Rights (TRIPs). Because of WTO, India has to amend its intellectual property laws .India was forced to comply with the TRIPs agreement. After the formation of WTO in 1995, the India being its member has to implement the TRIPs agreement in toto. The commitment under TRIPs agreement compelled India to amend its intellectual property laws. India has implemented the TRIPs by amending its intellectual property laws mainly patent thrice.[3]

Keywords: The Uruguay Round, Organisation toto.