DECODING THE RELATIONSHIP BETWEEN CUSTOMS AND PATENTS
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Abstract
With opening of Indian economy to globalisation in early 90’s, innumerable positive implications on the Indian economy has led to its growth ever since. In the background of constantly changing trade environment and frequent innovations, Intellectual Property has become a very important facet of overall development of the country. Intellectual property (IP) is the term that describes the ideas, inventions, technologies, artworks, music and literature, that are intangible when first created, but become valuable in tangible form as products. Eventually, there had been some problems that have seeped so deep into the economy that today; they pose a threat to our commercial and economic sectors, both at national and international levels. One of such problems is the counterfeiting and infringement of Intellectual Property.
As per a latest report published by US Trade Representative (Executive office of the President), China and India are reportedly leading sources of counterfeit medicines distributed globally and studies have suggested that up to 20 percent of drugs sold in the Indian market are counterfeit and could represent a serious threat to patient health and safety.
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