Patenting maybe defined as the act of according a person the exclusive rights tointellectual property for a given period. Intellectual property laws of India include trademarks, patents, industrial designs, plant varieties, among others (Lee, 2008). The Patent Bill of India came into being in 1856 during the colonial era, and was consequently based on British’s 1852 law (Lee, 2008). Since the enactment, the bill has undergone numerous amendments to suit the interests of the Indian people and meet international requirements (Lee, 2008).

The importance of the Patent Bill to the Indian people cannot be overemphasized. Firstly, the patent Bill protects the interests of the inventors.Ensuring exclusive rights to invented products and ideas rewards the hard work of the inventors.Through protection of the intellectual property, inventors can reap from their inventions while providing their products to the people, without the fear of unfair competition from the well-established organizations in the same line of production.

Secondly, the patent bill fosters the spirit of invention and creativity. With the promise of reward in form of monetary gains and recognition from inventions, people’s minds are put to task. According to Lee(2008), the culture of imitation in India is gradually being replaced by innovations in the fields of science and technology. Innovation, being an essential component for economic growth and development, calls for the nurturing of innovation through patent protection.

Additionally, the patent laws ensurethat thepatented ideas and products are made public on expiry of the patenting period. This way, many competing companies may adopt the production of essential products thus availing them to the final consumers at a fair price.

In conclusion, while the patent bill may be criticized for facilitating charging of high prices for products that may be vital to the people, its benefits outweigh the few limitations. Thus, the Patent Bill is of utmost importance for India.

References

Lee, L. L. (2008).Trials and TRIPS-ulations: Indian Patent Law and Novartis AG v. Union of India,Berkeley Technology Law Journal,23(12): 282-333. Retrieved from: http://scholarship.law.berkeley.edu/btlj/vol23/iss1/12