The word patent has become a more common and familiar word in almost all types of industries, more especially in Pharmaceutical Industries. The word patent refers to a right provided to a person who invent/discover/create any new/fresh and useful instruments, machines, important process, articles of manufacture, or composition of matter, or anything new that can be used by others individual for their development and also for the development of mankind as a whole. The concept of patents should not be confused with the concept of Copyright, and Trademark.
Some examples of species of patents for inventions include but not limited to:
- Biological patents
- Business method patents
- Pharmaceutical patents or Chemical patents
- Software patents
Pharmaceutical patents or a chemical patent is a patent provided for an invention/creation/discovery, which took place in the Pharmaceutical or Chemical Industry. It can be obtained easily when compared to that of other fields such as mechanical fields.
Pharmaceutical patent is very much important for Pharmaceutical industries as because it protect huge amount of investments, which are important in order develop new drugs. It is an important tool used in the competition between the “originator companies” and “generic companies” and between “originator companies”.
Pharmaceutical or Chemical patents are different from technical info of generic, i.e Markush structures, coined after the inventor Eugene Markush, who won a claim in the US, 1925 to allow such structures to be used in patent claims. These generic structures are used to make the patent claim as broad as possible and it also makes the patent claim as broad as possible.
Importance of Pharmaceutical Patent:
Every new drug develops a new hope for the society as it helps in reducing the burden of morbidity, decreases the mortality rate, and also bring down Healthcare cost.
The Pharmaceutical/Drug or Chemical industry needs patent protection more than any other industry. They invest a huge amount of money specifically more than $800 million to bring a new or revised drug into market and it may take years before that the new drug can be sold.
The knowledge of Pharmaceutical patents is of great importance to scientists and researchers who are always in search of new patentable discoveries. Pharmaceutical Patents is also of great importance to qualified lawyers who all are moving into the technical field of Intellectual property.
It provides handsome incentives to the responsible person by offering recognition for their hard work and a materialistic reward for their marketable inventions. These inducements boost innovation, which assures that the quality of human life is continuously enhanced in the field of Pharma and Healthcare. Therefore Pharmaceutical Patent is very important for the development of any Pharmaceutical industry or Pharmaceutical sector as a whole.