Intellectual
Property
Rights
(IPR)
-
Patents -
The granting of special exclusive rights (for trading new articles) has been a practice to encourage innovations. As an example, monopoly rights (only to inventors) were granted in some countries of Europe, as an incentive to develop new articles that would be of benefit to the society.
Under U.S.A. law, a patent means grant of "right to exclude others from making, using or selling" an invention for a 17 year period. Patents are usually allowed for a specified period. In India, The Indian Patents Act of 1970 allows process patents, but no product patents for foods, chemicals, drugs and pharmaceuticals.
If no product patent is available for a product, the same product may be manufactured by an alternative process (which is cost effective) without any infringement of the patent granted for the process.



