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Original Research

IMPACT OF PATENTS ON THE ECONOMIC GROWTH OF INDIA

VAASAWA SHARMA 1, and Dr. SHIV RAMAN 2.

Vol 18, No 04 ( 2023 )   |  DOI: 10.17605/OSF.IO/ECB4F   |   Author Affiliation: Assistant Professor, School of Law, Starex University, Starex University 1; Associate Professor, School of Law, Amity University, Gurugram 2.   |   Licensing: CC 4.0   |   Pg no: 286-296   |   Published on: 11-04-2023

Abstract

The economy of various countries is interdependent on each other for many purposes. The legislative framework is also different for every country but still there is an overlapping. The laws framed are also in consonance with each other. Slowly and gradually the nations framed the laws which ensure the similarity in their standards and rules. Intellectual Property Rights (IPRs) is one of the examples of the same. IPRs is not only confined to copyright and patent, rather it is very wide. IPRs has a direct impact on the global economy. In the 21st century, many changes are observed in the IPR regime. IPRs has changed the global economy at a considerable rate. This research paper will answer the questions such as; How the patents contribute towards the economic growth of the country? Why the amendments in Patents Act, 1970 were necessary? What is the impact of such amendments on pharmaceutical sector? The changes brought in the patent regime are also included. The role of TRIPs and Doha Declaration, the laws and rules of the patents, the need to implement the amendments are also included. The overall growth of the economy due to IPR sector is also taken into consideration.


Keywords

Intellectual Property Rights, Copyright, Trademark, Patents, Economy