An Analysis of the Trips Agreement and the Trips- Compliant Indian Patent Regime

Abstract

The World Trade Organisation on Trade Related Aspects of Intellectual Property Rights has made it mandatory for the nations to establish the standards for protection of intellectual properties. The agreement came into force in 1995. The developing countries including India were required to fulfill the obligations mentioned in the TRIPS Agreement by 2000, whereas the developed countries were to by 1996. On the other hand, the time duration for the under developed countries was till 2005. The TRIPS Agreement has indeed suggested a good market for nations like India, Brazil, China, South Africa, among others who have the capacity to manufacture drugs and other pharmaceutical products in their domestic environment. The Agreement also provides certain safeguards. It could definitely make India and other developing countries have a big victory in this sector. The Indian Patents Act was amended under the TRIPS Regime. The amendments were made at three different stages, each stage introducing a new change in the Patents Act. The Authors through this study have tried to analyse the various amendments which were introduced in the TRIPS compliant Indian Patent Act. They have further tried to understand the impact of these amendments in the Indian society, both economically and socially. Finally, the Authors have concluded by saying that indeed the new Patent regime in the country has proved itself to be a growing economic hub for multinational companies.