Patents And Its Impact On The World

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For hundreds of years inventors have been able to obtain monopolies through patents for their innovations. A patent is a set of exclusive rights granted by the government to an inventor for their privately owned innovation with an expiration of 20 years. This gives the patentee the right to legally withhold other human resources from the production, consumption, distribution and vending of their invention. In order to receive a patent, its application must include claims which define the invention as innovative, original and useful or otherwise applicable to industry. Patents were initiated for many reasons including providing property rights for accomplishments of people along with preventing market failure to occur through free riding.…show more content…
While inventors of different innovative technologies may experiment on each other’s inventions, those with ownership of patents are the legal vendors to rights to go ahead in the step process of placing their product on the market. On behalf of the world’s economy and technological stance the WTO developed an agreement for Trade Related Intellectual Property Rights (TRIPS). Through this agreement the WTO attempted to create balance between long term and short term objectives for future innovations, which helps progress technology through dissemination. Basically rights over production and sale of new technology are protected while new inventions are allowed to be studied. According to article seven of the TRIPS Agreement stating its objectives; “The protection and enforcement of intellectual property rights should contribute to the promotion of technological innovation and to the transfer and dissemination of technology, to the mutual advantage of producers and users for the technological knowledge and in a manner conducive to social and economic welfare, and to a balance of right and obligations.” This led to a number of benefits for pharmaceutical patents. With the agreement being established, the incentive to create new drugs increased due to the contracted availability of patented information for research along with the possible future benefits from the creativity of the inventors. A patent
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