Author: Upasana Singh Kushwah, Student at Amity Law School, Noida
Co-Author: Dr. Shefali Raizada, Professor at Amity Law School, Noida
ABSTRACT
Each individual is endowed with a distinct intelligence that varies in degree. The word “intellect” is derived from the Latin word “intellectus,” which means the power of knowing as opposed to the power of emotion. There is no degree or level of knowledge that can be attained. A man can gain and acquire knowledge to the extent that he is able to perceive, comprehend, and store it in his knowledge bank. He not only acquires knowledge but also uses it and puts it to use in his daily life. Intellectual property is what results when a person uses their intellect to develop something that they subsequently sell for financial and social advantage in order to support themselves. His knowledge is the result of his original idea, concept, or creativity that he used to create a final product, generating a unique kind of property. The thing in which the owner has an interest is the object of intellectual property, which is an intangible property whose right is legally protected. As the thing is immaterial, it cannot be classified as either personal property or real property.
The entire study was carried out using the doctrinal technique of study, which is commonly used in legal research. This has been accomplished by studying both primary and secondary legal sources, including the Indian Constitution, the Indian Patent Law of 1970, which includes the Patents Amendment Act of 2005, legal writings, international legal documents, and conferences on the topic of study. Investments in businesses are protected by intellectual property. In order to be more relevant, it should have been called Investors Property Right. The intellectuals should not have been denied financial incentives because they receive a social return while investors receive an economic return. The two values are entirely distinct and each has its own benefits.
IPRs include things like copyright, trademarks, and patents, and when they are violated, IPR laws provide remedies. To address the lack of public awareness of intellectual property rights as a problem in the areas of pharma, I will explore the role of the patentable pharmaceutical substances in India. For the past three decades, the high-technology-based Indian pharmaceutical business has experienced sustained expansion. Due to the increased awareness of the need to secure significant expenditures in research and development, factors like intellectual property protection are becoming more important (R&D). In India, efforts are being undertaken to address issues with the limited enforceability of current intellectual property laws, and the Indian government is working to develop a patent system that is friendly to technical advancements and is consistent with its international commitments.
