Patents In Pharmaceutical Industry

Introduction

A patent is a type of intellectual property right that provides protection over any novel invention and also, gives the exclusive right to sell, use, create and/or manufacture the patented product.

As new and improved drugs are being introduced every year in the market, drug or pharmaceutical patents have become particularly important as these drugs helps to generate a significant amount of revenue for their commercial benefits. The pharmaceutical sector is an area in which innovation impacts the bottom line of the drug manufacturers who focus on research and development of a new drug and incur huge costs in doing so, where there is neither a guarantee nor an assurance that their research product shall survive various testing stages and will commercially thrive if released in the market.