All you need to know about the new IPR Policy

The Policy which is in compliance with WTO's (World Trade Organisation) agreement on TRIPS (Trade Related aspects of IPRs), aims to sustain entrepreneurship and boost Prime Minister Narendra Modi's pet scheme 'Make in India.'

 Here are the highlights:

>> The Policy aims to push IPRs as a marketable financial asset, promote innovation and entrepreneurship, while protecting public interest.

>>The plan will be reviewed every five years in consultation with stakeholders.

>> In order to have strong and effective IPR laws, steps would be taken — including review of existing IP laws — to update and improve them or to remove anomalies and inconsistencies.

>>The policy is entirely compliant with the WTO’s agreement on TRIPS.

>>Special thrust on awareness generation and effective enforcement of IPRs, besides encouragement of IP commercialisation through various incentives.

>> It suggests making the department of industrial policy and promotion (DIPP) the nodal agency for all IPR issues. Copyrights related issues will also come under DIPP’s ambit from that of the Human Resource Development (HRD) Ministry

>>The Policy also seeks to facilitate domestic IPR filings, for the entire value chain from IPR generation to commercialisation. It aims to promote research and development through tax benefits.

>> Proposal to create an effective loan guarantee scheme to encourage start-ups.

>>On compulsory licensing (CL), India has issued only CL for a cancer drug. 

As per the WTO norms, a CL can be invoked by a government allowing a company to produce a patented product without the consent of the patent owner in public interest. 

Under the Indian Patents Act, a CL can be issued for a drug if the medicine is deemed unaffordable, among other conditions, and the government grants permission to qualified generic drug makers to manufacture it.