Impact of patents on the pharmaceutical industry

Globalization has made the business become widespread. Earlier the companies which are only known at the domestic levels of the countries extended their business operations to varied nations and start competing with each other on a macro level scenario. This has also eventually led to the development of rapid progress in the way the companies started innovating new products and developments. Once the companies develop a new product, there is always a need for the companies to ensure that they reserve the rights on that technology, design or a system, and unlike earlier days there is a unseen demand for the Patent Rights. Many organizations have come up with the expertise of offering consulting services on patenting of the products or services by the customers. In such a competitive environment, every other day we have some or the other news related to new patents, or rivalry for the patent applications or transfer of patents etc. This signifies the need of exclusivity in the market and unless the companies are able to project their exclusivity, the scope for the companies to grow in the international market is becoming very week. One of the interesting factors which come to notice is that most of the times this kind of rivalry is witnessed in Pharma sector. Majority of the times, the pharma companies are the ones which are seen hovering with the patent issues. Globally there are so many companies who are working towards building their issues of patenting. And internationally, there is always a curiosity of how the patenting rights are procured by the companies. What could be the implications which are driving force for this sector to have so much of patenting issues unlike the other major sectors? Is it the kind of highly regulated environment from the governments, or is It the kind of lucrative business potential which exists with the development of a new product or is it the kind of brand proposition and the market leadership in terms of R&D, what could be the major driving force. This always remains a curious issue for the industry stakeholders, however on factor is clear, that if the competition among the global pharma companies take a healthy ride and facilitate a healthy living for the common man, the companies can reap the benefits of their efforts and accomplish their vision and objectives. The sublime and the purpose of R&D of new products if it caters to the positive set for the consumers, eventually the market potential for the companies do happen, regardless of patenting or non-patenting.