The Globalization of Intellectual Property Rights and Innovation in Patent Protection
Volume III, Issue III, 2020
J. Bhagwati explained Globalization as an extension of capitalism throughout the world. “Globalization means different things to different people” (Bhalla, 1998). The term is used generally to refer to a phenomenon defined or measured by flows of trade and investment between countries (Bhalla, 1998; James, 1998). Globalization as referring to “the process whereby capitalism is increasingly constituted on a transnational basis, not only in the trade of goods and services but, even more important, in the flow of capital and the trade in currencies and financial instruments” (McChesney, 1998) It is related to economic, political, technological and cultural exchanges of good and services between countries. It is the integration and amalgamation of global economies through the influence of developed countries and multinational corporations that are driven by technological change. Under Globalization the goods and services are exchanged at a faster rate and investors are interested more in the country where Intellectual Property Rights are strong and offer wider range of protection. Thus during the past decades, countries across the globe have strived for strong Intellectual Property Right, and its enforcement worldwide. The most important initiative that could be seen for global harmonisation is that of TRIPS (Trade Related aspects of Intellectual Property Rights) signed in 1994 to become the core element of World Trade Organisation. Thus, this paper analyses the impact of TRIPS (Trade Related aspects of Intellectual Property Rights) on the global change from generation to generation and distribution of such knowledge with the tint of Innovation in patent protection in relation with public health. Government worldwide and Multinational corporations alleges that strong and uniform intellectual property rights will lead to better protection of innovation globally. 21st century is described as the age of Globalization, a big word with several meanings and a phenomenon which is constantly affecting the human beings in every aspect of life. Globalization with significant economic, social integration on global level has also brought consequences on migration, technology, corporations, institutions and Public Health. Ensuring that the vehicles of Globalization are oriented towards development and promotion of human rights through appropriate law and policies. State has a responsibility to respect , promote and protect human rights in the face of Globalization.