A patent is one of the main type of intellectual property rights. It is described as exclusive rights granted to a product/medicine/invention in the pharmaceutical industries.
Nowadays, there is need for pharma industries to do a patent of their new drug/ product or invention to prevent from copying. That is why a pharmaceutical patent is highly recommendable.
HOW DO PHARMACEUTICAL PATENTS WORK?
Pharmaceutical patents mostly depend on the drug that they are protecting. Pharma companies must file for a patent on a drug as soon as possible they do an invention.
Patents on drugs can be filed for so many reasons, it can be on formula of the drug used, the functionality of the drug and the development itself.
The patent application of the drug is submitted by the owner to the patent office, then the patent office approval or denial of the particular invention depending on various measures
Once a drug is patented, it is given 20 years duration from the date of the patent application filing. Within those 20 years, the drug is enclosed under patent protection which implies that the patent holder has full control over the product, and no one can use, sell or manufacture the drug without the owner’s approval.
CAN A DRUG BE PATENTED?
Patenting a drug is done by manufacturer. If a company or an individual creates a drug, they have the right to go for a patent filing application. As long as the drug is unique and has all that it takes to be patented, after 20 years, the patent owner can apply for renewal through an application to the PTO office. But when a patent expires, it goes to the public domain and becomes possible for other companies to use it without any license from the owner.
PHARMACEUTICAL PATENT LAW IN A PANDEMIC ( COVID-19)
The pandemic of covid 19 brought a total change to the world, it’s obvious that a lot of innovator’s minds are speculating on invents/drugs or vaccines that will cease the whole situation.
A lot of companies, individuals, even the government itself are struggling to develop drugs. Once a drug or vaccine is developed, is it a good idea to patent it when people are dying every day? Or publicize it so that other pharma companies/firms made drugs/ medicines/vaccine in large quantity with no threat of infringement cases.
However, if a covid19 vaccine is patented then the situation might remain the same because people with financial problems will not be able to have access to the drugs.
So is it reasonable to restrict manufacturers from patenting the medicine?
It is not easy to think outside the box and come up with a certain idea of a product. If you innovate an idea, then it is worth it to go for a patent filing to protect your work and enjoy the benefits of it. This is properly conducted by researchers who are experts in intellectual property rights and that is why you should contact Wissen Research.
They have the best experts who have many experience and expertise to handle all your stress related to IP needs.