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`Patents Act will not lead to hike in drug prices'
Our Bureau
New Delhi
,
April 5
THE Government has reiterated that the passing of the Patents (Third Amendment) Act 2005 will not lead to any hike in drug prices as there are enough safeguards in the legislation.
The Commerce and Industry Minister, Mr Kamal Nath, in a message read out at a seminar organised by the Department of Industrial Policy Promotion, Ministry of Commerce and UNCTAD on Monday, said, "There are comprehensive provisions in the amended Act to deal with issues concerning price and availability of medicines."
Provisions relating to compulsory licensing provisions, allowing parallel import of products, acquisition of patent rights by Government and revocation of patents in public interest are some of the provisions to check any rise in drug and medicine prices and tackle national calamities.
Mr Kamal Nath said domestic companies can continue to manufacture patented products even after the patent is granted in respect of mailbox applications on payment of a reasonable royalty to the patent holder if they have been producing and marketing the product prior to January 1, 2005.
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