American pharmaceutical giant has informed US lawmakers that it's intellectual property in India has been violated by incorrect use of its compulsory license provisions.
"We believe that India is undermining IP by misuse of its compulsory license provisions. Compulsory licenses are intended for use in extraordinary situations of extreme urgency or other national emergency," Roy Waldron, chief intellectual property counsel of Pfizer Inc, recently told US lawmakers during a Congressional hearing.
Further, Waldron indicated India has acted in ways that calls into question the sustainability of foreign investments and fair competition, essentially creating an industry and culture harming US job creators.
He argues that India is failing to implement intellectual property laws with recognized global standards. The Global IP Centre's International IP Index ranked India last in terms of overall IP protection.
"If left alone, this trend will destroy the market for innovative pharmaceuticals in India," he said.
Discussion: How does India's violation of global standards implicate the worldwide IP process? What are the implications for other businesses outsourcing and offshoring to India? How does this affect pharameutical use outside the US, specifically with decreased support for IP rights?
Source: Economic Times
Image source: Free Digital Photos
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