50 per cent of drugs in developing countries are counterfeit

Mumbai, June 15 (UNI) In absence of strict Intellectual Property Rights(IPR) in developing countries, fifty per cent of drugs are counterfeit.

This statistics was shared by the CEO of Bilcare. Gautam Chakraborty, at the two day seminar on Intellectual Property Rights (IPR) organised by Indo-American Chamber of Commerce in city today.

He also added that by the year 2010, the counterfeit drugs business will reach close to USD 75 billion worldwide, bringing into focus many other implications that spurious products can have on the society.

On the other hand Justice B N Srikrishna (Retd.), one of the speakers at the seminar, underlined the need for a change in the mindset of Indians that copying doesn't only mean a loss of money but it tantamount to gross infringement on the rights of the innovator.

Novartis Vice Chairman and Managing Director Mr Ranjit Shahani highlighted the importance of incremental innovations in the field of pharmaceuticals in a developing country like India. He said, ''Incremental innovations are sequential developments that build on the original patented product and could be of tremendous value in a country like India.'' Vision-IPR CEO Dr Prabuddha Ganguli talked about the need to attain a balance between freeing up biotech patents for the greater good and protecting the IPRs to foster innovation.

UNI