The Cabinet has approved the national intellectual property rights (IPR) policy with a view to promoting creativity, innovation and entrepreneurship. The aim is to create awareness about economic, social and cultural benefits of IPRs among all sections of society.

The Policy, to be reviewed every five years, aims to push IPRs as a marketable financial asset, promote innovation and entrepreneurship, while protecting public interest including ensuring the availability of essential and life-saving drugs at affordable prices.

The IPR policy approved by the Cabinet comes in the backdrop of the US Trade Representative (USTR), in its annual (2016 edition) Special 301 Report (on the global state of IPR protection and enforcement) retaining India on the ‘Priority Watch List’ for “lack of sufficient measurable improvements to its IPR framework.” It also comes ahead of Prime Minister Narendra Modi’s U.S. visit in June.

The Policy says that to have strong and effective IPR laws, which balance the interests of rights owners with larger public interest, steps could be taken — including review of existing IP laws — to update and improve them or to remove anomalies and inconsistencies. The review will be done in consultation with stakeholders.

To ensure strong and effective IPR laws, the Policy states India will engage constructively in the negotiation of international treaties and agreements in consultation with stakeholders.