Innovation in pharma sector: The impact of ipr (product patent) in Indian scenario: an overview

The Indian Pharmaceutical Industries underwent phenomenal change after 1 January 2005, when international patent laws were implemented. India’s domestic pharmaceutical companies have experienced a significant increase in R and D spending to be competitive in the world market. Although the Indian pharmaceutical market is very small and does not have enough funding for drug discovery programs, India has well-educated scientists, a well-established computer industry, and technological know-how for the manufacture of bulk drugs and formulations. This article discusses various challenges of India’s pharmaceutical industry and how it could tie to the American Pharmaceutical industry. Recent globalization and the development of the information superhighway have brought the countries of the world closer. From a business perspective, the world is one market place. The American pharmaceutical industry has played a pioneering role in the development of the drug industry through in-depth, timely, and useful research and bulk manufacturing of drug products. Although the US pharmaceutical industry is enjoying the leadership position, it can no longer be content to focus only on the US, Japanese, and European markets.