To study the scope & importance of amended Patent Act on Indian pharmaceutical company with respect to innovation
The Indian pharmaceutical company has been built from an industry that copies patent drugs and manufactures them inexpensively. Now it is counted amongst the industries that are fuelling India‘s economic growth and holds enormous potential. Indian-based pharmaceutical companies are also predicted to gain considerable market share in the world. It ranks third world wide, in terms of technology, quality and range of medicines manufactured. Indian Pharma Company fulfils around 70 percent of the country‘s demand all together. Currently, it‘s estimated to be worth US$4.5 billion, and is growing at nearly 8 to 9% annually. Due to amended patent act there are an assortment of changes took place in Indian pharma industry. The primary objective of this paper is to study significance of the amended patent act on pharma industry. The paper also allows study of the scope of amended patent act.