Abstract
The Indian pharmaceutical industry today is No. 3 in the world based on volume. Due to the World Trade Organization's Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), enforced in 1995, India revised its patent law in 2005 and re-introduced product patents. Taking advantage of TRIPS enforcement in 1995 and the reintroduction of product patents in India in 2005, large foreign capital pharmaceutical firms successively re-entered the Indian market; they began to engage in R&D activities and produce formulations and active pharmaceutical ingredients (APIs). Such foreign capital companies started to submit patent applications to the Indian Patent Office (IPO), which began in 2005 to examine product patent applications under the new, revised patent law. However, both IPO and IQVIA data show that the number of patent applications in pharmaceuticals has been declining in past years.
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