Abstract
A Study on History and Importance of Intellectual Property Protection in United States of America and Europe.
This article reviews the importance of intellectual property protection in the development process of new pharmaceutical product. When a pharmaceutical company first develops a new drug to be used, it initially sold under brand name. Under patent protection company hold the patent and allowed to manufacture, market the drug and make profit from it. The importance of patents to pharmaceutical innovation plays critical role and has been reported in several cross countries by economists. In the global scale, the regulations in patenting pharmaceuticals in Europe and U.S. have clear difference. Title 35 of U.S. codes govern the patent law. In Europe there are wide range of legislations and a number of European Union directives and regulations. Patents can be obtained in Europe either nationally or via centralized patent prosecution process at European patent office. In United States patents can be extended only for half the time period consumed by the regulatory approval process and for a maximum effective patent term of fourteen years.