Opportunities for Patents in Pharmaceutical Industry: An empirical study Drug Developers’ Opinion
DOI:
https://doi.org/10.61841/pnhtb837Keywords:
Pharmaceuticals, Research and development, Patents, Intellectual property, InnovationAbstract
Industries devote huge sums of money and resources in research and development to bring new medications to market in the fiercely competitive pharmaceutical sector. The price of creating new pharmaceuticals is significant, and it can take a while for them to reach the market. Patents give pharmaceutical companies a temporary legal monopoly on their product, which encourages innovation by enabling them to recoup their costs and turn a profit.In the pharmaceutical sector, there is a huge potential for patents, and businesses are constantly looking for innovative strategies to safeguard their inventions. Patents give drug developers an advantage over rivals in the market in addition to safeguarding their intellectual property. A business that has a substantial patent portfolio can stop rivals from entering the market and stealing market share. A strong patent portfolio can also draw investors and business partners because it shows a company's dedication to innovation and capability to safeguard its intellectual property. People from Pharmaceutical industry are considered in this research work, and it is found that Patents give pharmaceutical firm a legal monopoly on temporary basis on their product, Patents give medicine developers a competitive edge in the market, Patents has given Indian pharmaceutical firms the chance to be more creative and develop novel medications
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