Trips Agreement And Its Significance To India’s Economy
- IJLLR Journal
- Jun 19
- 1 min read
Dr. Akanksha Garg Agarwal, Research Supervisor, Department of Law, Shri Venkateshwara University, Gajraula, U.P. (India)
Swami Nath Mishra, Research Scholar, Shri Venkateshwara University, Gajraula, U.P. (India)
ABSTRACT
The TRIPS Agreement primarily came into effect to promote the global harmonisation of intellectual property protection, and its origin can be traced to the call for a viable response to the increasing concerns about intellectual property privacy, cultural homogenisation, and the actualisation of a more impactful economic development through a robust copyright framework. The Agreement was signed by WTO members, and India is one of these countries. India’s compliance with TRIPS resulted in the review of its Patent Act 1970, with several provisions being removed to ensure that inventors disclose the full details of their inventions in relation to the production and importation of affordable generic medicines.
This study aims to explore the significance of the TRIPS Agreement to India’s economic development, and this is particularly in view of the recent developments hovering around public health/medical waivers and the need to modernise the intellectual property framework, considering the systemic loopholes in patent harmonisation. The study adopted a review of literature, while also conducting the analysis of relevant secondary data drawn from the databases of the World Bank, Indian Intellectual Property Office, Reserve Bank of India, and India’s Department of Pharmaceuticals. The findings revealed some indications of the TRIPS Agreement’s economic impact on India, especially with respect to the contribution made through the export of pharmaceutical products.
