Intellectual property rights: An effective tool to encourage innovation for addressing human health needs and economic development

Innovation is a dual purpose tool for developing countries for their economic development and addressing human health needs as well. The biggest challenge for the developing countries is to save guard themselves from emerging and life threatening diseases and in-house development of technology of drug development. Developing new and more effective medicines require huge investments, time and efforts of an innovator. Intellectual property protection is life line for biopharmaceutical R&D which not only covers the innovator risk and interest but also encourages the development of new medicines, vaccines and diagnostics urgently needed for the health people. Thus, the research-based industry supports the strengthening of intellectual property rights in both industrialized and emerging developing countries in order to encourage and manage further innovation.