The New Intellectual Property Rights policy (IPR) was announced by the Government of India which aims to improve Prime Minister Modi’s Make in India scheme by boosting innovation.
In the U.S Chamber of Commerce (USCC) Global Intellectual Property Chamber Index current India rank is 37 out of 38 countries. Based on 30 indicators spread across 6 categories are patents, trademarks, trade secrets, copyrights, enforcement, and international treaties and the index gives an abysmal score of 7.05 out of 30 possible points to India.
The greatest concern for the U.S Chamber of Commerce is an Indian rule prohibiting patents for additional changes and India’s use of compulsory licensing supplies as a means of effectuating transfer of technology. Also important as areas of concern were recent court rulings regarding copyright infringements, shortage of regulations for data protection, and poor enforcement of civil and criminal remedies.
There are seven main purpose of the new policy:
Creating awareness to public about the economic, social and cultural benefits of Intellectual Property Rights (IPR).
Stimulate the Generation of IPRs: More Intellectual Property Rights (IPRs) should be generated through greater innovation and research.
Strong and effective Legal and administrative framework and it envisages to provide a balance between the interests of the IPR holder and public interest.
Modernize and strengthen administration, management of IPR and user-oriented services by speeding up of Trademark registration to one month from 13 months currently.
Commercialization of IPR– To get an adequate value of Intellectual Property Rights by increasing commercialization and pushing Intellectual Property Rights ( IPR) as marketable financial asset
Enforcement and Adjudication strengthening mechanisms to effectively combat IPR infringement.
Human resources, institutions and capacities for teaching, training, research and IPR skill building is to be strengthened by Human capital development (HCD).
In the new policy plan these objectives are set out in detail. The policy makes the Department of Industrial Policy and Promotion, to guide and inspect implementation and future development of IPRs in India. India is bringing more rules to increase quality and reliability as it is one of the major factors for a market to grow. In recent times India also announced New Quality Assurance Certification System for Medical Devices.