All you need to know about the new IPR Policy

The new Intellectual Property Policy, unveiled by the Finance Minister complies with TRIPS.

Finance Minister Arun Jaitley released India's National Intellectual Property Rights (IPR) Policy recently. The Policy which complies with WTO's (World Trade Organisation) agreement on TRIPS (Trade Related issues with IPRs), aims to sustain entrepreneurship and boost Prime Minister Narendra Modi's pet scheme'Make in India.'

Here are the highlights:

>> The Policy aims to push IPRs to be a marketable financial asset, promote innovation and entrepreneurship while protecting a public interest.

>>The project will likely be reviewed every a few years in consultation with stakeholders.

>> To have strong and effective IPR laws, steps would be utilized — including an article on existing IP laws — to update and improve them or to clear out anomalies and inconsistencies.

>>The plan is entirely compliant together with the WTO's agreement on TRIPS.

>>Special thrust on awareness generation and effective enforcement of IPRs, besides encouragement of IP commercialization through various incentives.

>> India will engage constructively inside the negotiation of international treaties and agreements in consultation with stakeholders. The government will examine accession for some multilateral treaties which can be in India's interest, and become a signatory to people treaties which India has de facto implemented make it possible for it to get involved in their selection process, the insurance policy said.

>> It suggests making the department of industrial policy and promotion (DIPP) the nodal agency for everyone IPR issues. Copyrights related matters will also come under DIPP's ambit from that regarding the Human Resource Development (HRD) Ministry.

>> Trademark offices have been modernized, and the thing would be to reduce enough time taken for examination and registration to only one month by 2017. The government has hired around 100 new examiners for trademarks. Examination time for trademarks continues to be reduced from 13 months to 8 months, with the latest target being to have enough time down one month by March 2017.

>> Films, music, industrial drawings will likely be all covered by copyright.

>> The Policy also seeks to facilitate domestic IPR filings, for the complete value chain from IPR generation to commercialization. It aims to advertise research and development through tax benefits.

>> Proposal to build a simple yet effective loan guarantee scheme to encourage start-ups.

>>Also, it says “India will still utilize the legislative space and flexibilities for sale in international treaties as well as the TRIPS Agreement.” These flexibilities are the sovereign right of countries make use of provisions such as Section 3(d) and CLs for ensuring the availability of essential and life-saving drugs at affordable prices.

>> The plan left the country's patent laws intact and specifically could not open up Section 3(d) from the Patents Act, which sets the common for what's considered an invention in India, for reinterpretation.

>>On compulsory licensing (CL), India has issued only CL for just a cancer drug. Mr. Jaitley said, “We rarely exercise this power.” The statement assumes significance as developed countries, for example, the US, have risen concerns over India issuing the CL. Depending on the WTO norms, a CL is usually invoked by way of the government allowing a corporation to manufacture a patented product without worrying about consent from the patent owner in public places interest. Underneath the Indian Patents Act, a CL is usually issued for just a drug if your medicines are deemed unaffordable, among other conditions, and the costa Rica government grants permission to qualified generic drug makers to manufacture it.

>> The IPR policy favored the costa Rica government considering financial support for just a limited period available for sale and export of merchandise depending on IPRs generated from public-funded research.

To Know more please do visit MYCrave Consultancy & Services