THE IMPORTANCE OF PATENTS IN PHARMACEUTICAL INDUST
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Posted On: 03/06/2017 11:36:27 AM
THE IMPORTANCE OF PATENTS IN PHARMACEUTICAL INDUSTRY
What is Patent?
A patent is an exclusive right granted for an invention, which is a product or a process that provides a new way of doing something, or offers a new technical solution to a problem.
What does a patent do?
A patent provides protection for the invention to the owner of the patent. The protection is granted for a limited period, generally 20 years.
What kind of protection does a patent offer?
Patent protection means that the invention cannot be commercially made, used, distributed or sold without the patent owner’s consent. These patent rights are usually enforced in a court, which in most systems, holds the authority to stop patent infringement.
Who grants patents?
A patent is granted by a national patent office or by a regional office that does the work for a number of countries, such as the European Patent Office (EPO)
Importance of Patent in Pharmaceutical Industry
When a pharmaceutical company first markets a drug, it is usually under a patent that allows only the pharmaceutical company that developed the drug to sell it.
Patents are the legal protection for inventions, including new medicines discovered by research-based pharmaceutical companies. This protection allows a company time to recoup their significant investment in research and development.
In return for such protection, a patent-holder discloses to the world patented research and science underlying the invention. Thus, important scientific information behind a new cancer drug becomes available immediately to researchers worldwide.
What is Patent?
A patent is an exclusive right granted for an invention, which is a product or a process that provides a new way of doing something, or offers a new technical solution to a problem.
What does a patent do?
A patent provides protection for the invention to the owner of the patent. The protection is granted for a limited period, generally 20 years.
What kind of protection does a patent offer?
Patent protection means that the invention cannot be commercially made, used, distributed or sold without the patent owner’s consent. These patent rights are usually enforced in a court, which in most systems, holds the authority to stop patent infringement.
Who grants patents?
A patent is granted by a national patent office or by a regional office that does the work for a number of countries, such as the European Patent Office (EPO)
Importance of Patent in Pharmaceutical Industry
When a pharmaceutical company first markets a drug, it is usually under a patent that allows only the pharmaceutical company that developed the drug to sell it.
Patents are the legal protection for inventions, including new medicines discovered by research-based pharmaceutical companies. This protection allows a company time to recoup their significant investment in research and development.
In return for such protection, a patent-holder discloses to the world patented research and science underlying the invention. Thus, important scientific information behind a new cancer drug becomes available immediately to researchers worldwide.
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