PHARMACEUTICAL PATENTS AND COMPETITION LAW: STRIKING THE BALANCE BETWEEN INNOVATION AND MARKET ACCESS

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Tejashwini M; Dr. Aradhana Sathish Nair

PHARMACEUTICAL PATENTS AND COMPETITION LAW: STRIKING THE BALANCE BETWEEN INNOVATION AND MARKET ACCESS

Authors: Tejashwini M, Dr. Aradhana Sathish Nair

Unique Paper ID: 172943
Volume: 11
Issue: 9
PageNo: 1636-1644

Keywords: Intellectual Property Rights (IPR) Competition Law Innovation Fair Competition Anti-competitive Practices Economic Growth Pharmaceutical Industry.About four(minimum) key words or phrases in alphabetical order separated by commas.

Abstract:
In recent years, legislative bodies have embarked on a mission to fine-tune the delicate balance between fostering innovation and ensuring fair competition. This endeavour is crucial in intellectual property rights (IPR) and competition law, where recent amendments aim to harmonise these areas to support economic growth and better global trade. The relevance of these legislative changes cannot be overstated, as they seek to provide a predictable legal environment conducive to worldwide cooperation and innovation-driven economies. At the heart of this discussion lies a fundamental conflict balancing the exclusivity of pharmaceutical patents with the need to prevent anti-competitive practices that hinder market access and affordable drug pricing. Intellectual Property Rights, by design, offer creators temporary monopolies as an incentive for innovation. However, this exclusivity sometimes morphs into anti-competitive practices, undermining the very competition that drives market efficiency and consumer welfare. The paper proposes a policy framework to resolve these conflicts by advocating for a balance that does not stifle innovation but ensures that the market remains competitive and accessible. The purpose of this recommendation is twofold: to curb the abusive exploitation of IP rights that can lead to monopolistic practices and to reinforce the principles of fair competition that protect the process rather than individual competitors. Such a balanced approach is essential for sustaining innovation while ensuring that the benefits of technological advancements are widely disseminated across society. This paper outlines the crucial legislative changes to align innovation incentives with competition law's imperatives. It identifies the central conflict arising from the exclusive nature of IPR and its implications for market competition. The paper sets the stage for a critical discussion on navigating the intersection of IPR and competition law, ensuring that innovation and fair competition coexist to benefit society and global markets.

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Cite This Article

ISSN: 2349-6002
Volume: 11
Issue: 9
PageNo: 1636-1644

PHARMACEUTICAL PATENTS AND COMPETITION LAW: STRIKING THE BALANCE BETWEEN INNOVATION AND MARKET ACCESS

Available:https://ijirt.org/article?manuscript=172943

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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