IMPORTANCE OF IPR IN BIOTECHNOLOGY

The objective of this review is to highlight and explore the inter-relationship and the functioning of the intellectual property right in the pharmaceutical and biotechnology industry. The rising tide of patent applications can be witnessed globally in this industry as the need for such protection and licensing has become imperative so as to safeguard the rights of the inventor and also to encourage and promote new talents, inventions and innovations which can be a boon for the economy. The field of biotechnology is an upcoming science which is still at the initial stage of establishing a foundation but it promises a revolution in the fields of medicine, agriculture, pharmaceuticals and industrial sector amongst other sectors of the economy.