Pharmaceutical Industry And Intellectual Property Rights – An Indian Perspective

Introduction:

The Indian pharmaceutical industry has witnessed tremendous growth in the past decades, in terms of market capturing and contribution to the Gross Domestic Product of our country. India's domestic pharmaceutical market is estimated at USD 41 billion in 2021 and is likely to reach USD 65 billion by 2024 and further expand to USD 120-130 billion by 2030.¹ Considering the promising future of the pharmaceutical industry, the Government of India is diligently involved in promoting this industry, by introducing and enforcing regulations, which are at par with the global standards. Due to the expansion of the market and the investment by the industry players, intellectual property rights protection becomes imperative for the companies.