IMPACT OF PATENT LAW ON ECONOMIC GROWTH OF INDIA : A STUDY

Technology and knowledge have played a crucial role in the economic growth of world developed economies as well as emerging ones. Intellectual Property despite being clearly identified in most countries has not yet been recognized as an economic asset for most of the developing countries. Intellectual Property Rights protection has the ability to encourage innovation and the formation of a well functioning market system in developing countries, which leads to economic growth. In India, pharmaceutical patents were not granted prior to 1995, which changed after the TRIPS agreement came into effect and brought the amendment of 1995 in the Patent Act, 1970. Section-5 of the Patent Act, 1970 which stated that patent is granted only for methods or processes and not for products was repealed after the amendment of 2005. Today, patent is not only granted for methods or processes but also for pharmaceutical products which has a very huge impact on the growth of the economy. In the present paper examines on impact of Patent Law on economic development in India especially in pharmaceutical company.