Pharmaceutical IP rights are essential for the continued innovation of new medicines and therefore, exists in the interest of patients and society at large.
Pharmaceutical companies are interested in achieving robust and defensive Intellectual property protection to safeguard their products, protect valuable information regarding formulation, process and manufacturing related secrets.
Patent and Trademark are the major forms of intellectual property rights (IPR) used in Pharmaceutical industry.
IPR has a significant impact in the pharma industry from issues ranging from discovering, developing to pricing, distribution, competition mapping, availability, and pricing of new medicines. With stronger IPR protection in developed countries, the pharma companies are growing at a rapid rate.
IPR is a prerequisite for pharma companies for identification, planning, commercialization, and protection of invention. It is also an important tool to protect investment, time, and effort and encourages healthy competition—thus promoting industrial development and economic growth. IPRs also provide incentives to pharma companies to invest in research and development.
Apart from safeguarding the innovative ideas from the inventor, pharmaceutical organisations also require legal support for preparation of many contracts such as,
- Quality Assurance agreement
- Supply and service agreement
- Confidentiality agreement
- Business contracts
- Internal contracts
- Licensing agreements
- Agreement for contract manufacturing of
- Medicinal products
- Medical devices