TRIPS and the Importance of Property Rights: A Law and Economic Perspective
This paper is geared towards gaining an understanding as to what is the right choice for developing countries: a strong intellectual property regime as advocated by the adherents of TRIPS or a weak intellectual property regime, for instance, process patent regime. This paper will proceed in three parts. The first section of the paper studies the benefits of a strong intellectual property regime along the lines of TRIPS, from the perspective of both the individual innovator and the society as a whole. The second section analyzes the arguments against a strong intellectual property regime substantiated with examples from the pharmaceutical sectors of various developing countries. In part III, this paper while accepting that the gradual growth of the patent rights regime in various countries, with the increase in the level of development seems to indicate that a strong Intellectual property regime is a natural outcome in course of developmental and progress of a nation, seeks to analyze various provisions of TRIPS and contends that the present regime under TRIPS is unable to minimize the resultant deadweight loss in the society due to inefficient and overly stringent forms of protection.
Keywords: Technology, Knowledge, Economics, Law and Society
Student, The National University of Juridical Sciences