SC order on Novartis will impact investment: USIBC

April 03, 2013 01:39

Expressing unease over the Supreme Court ruling against pharmaceutical giant Novartis denying the company a patent on its cancer drug, a major business advocacy group today said that this would impact innovation and investment climate in India at a time when the country needs foreign direct investment the most.

"Innovation requires the reward and protection of intellectual property. We are certain India's leadership understands this, and that creating and maintaining an environment that inspires and enables innovation is in India's ultimate, long-term interest. Such an environment is crucial if India is to attract investment in this or other highly complex sectors," US-India Business Council president Ron Somers said.

The court's decision cites Section 3 (d) of India's patent law and states that a patentee must prove enhanced efficacy of a medicine in order to obtain a patent in India, a USIBC statement said.

Over 40 countries including China, Russia and Taiwan have already granted a patent for Novartis' Glivec and India now stands out as unique for not granting a patent to this incremental innovation, the statement said.

« Back to LIVE

TOP STORIES

Preity Slams Rohit 'Fake News'

'I hold Rohit Sharma in very high regard & am a big fan of his, but I have NEVER DISCUSSED him in any interview.'

Two dead, seven missing as boat capsizes in Odisha's Mahanadi River

The incident took place when around 50 passengers hailing from Kharsia area in the neighbouring Chhattisgarh were returning in the boat after visiting a temple in Patharseni Kuda in Odisha's Bargarh district.

Rahul Or Dhoni? Who Batted Best? Vote!

Does Rahul get your vote? Or did you prefer Dhoni's cameo?

President Xi launches cyber warfare wing for Chinese military

The Information Support Force was regarded as the revised version of the PLA's Strategic Support Force, established in 2015 by the Chinese military to deal with space, cyber, political and electronic warfare to fight what was described...

Skipper Rahul delighted after LSG get 'it all right' vs CSK

Lucknow Super Giants skipper KL Rahul was chuffed to get most of his decisions right as he guided his team to a convincing eight-wicket victory over defending champions Chennai Super Kings in the IPL game in Lucknow on Friday.