Farmer companies take decades to formulate a drug. If they create something magical that could alter the course of human history, say a drug to battle AIDS, cancer or even coronavirus, they will be granted a patent. For 20 years and during that period, they have exclusive rights to manufacture and sell the drug. No other company can create the same drug with the same formulation. The farmer company can price it as they wish, recoup their investment, make a profit and use the proceeds to create even better drugs.
In today’s episode for 7th December 2022, we explain how the ‘evergreening’ of patents created a hurdle in India’s Free Trade Agreement with the UK.