Govt charts steps to protect India’s patent rights
Indian films, music and the pharma sector can look forward to better intellectual property rights (IPRs) protection as the government is planning to turn the country into an IPR hub.
Examination of IPR applications is also being upgraded by getting Indian professionals share global expertise, especially from countries like the US. The government is also in the process of networking patents and trademarks offices in the four metros.
Initiatives to turn India into an IPR hub are being piloted by the department of industrial policy & promotion (DIPP). The government has already tied up with Max Plank Institute of Munich and the Australian Patent Institute for developing a IPR management institute.
With ground realities in IPR management for key segments like films, music and pharma in mind, the proposed institute would work as a R&D institution as well as policy think-tank.
While the institution would also carry out sponsored R&D in specific areas for the industry, it will also provide critical inputs to the government for talks at global fora like the World Trade Organization (WTO).
Infrastructure is being beefed up to ensure a strong IPR regime, DIPP secretary Ajay Dua said. When contacted by ET, he said a Rs.130-crore project is now underway to network the patent offices in Mumbai, Delhi, Chennai and Kolkata.
The government has witnessed a five-fold increase in patent applications and human resources are being developed to meet the increasing demand for IPR protection. India has signed agreements with significant players like the US and the EU to share expertise.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.