Global IP treaty to boost innovation, help biodiversity. But some see red flags

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Also read | India must learn from China's patent chase and focus on quality over quantity “The treaty could potentially attract investment to India, though several factors will influence the extent of this impact," said Jogeshwar Mishra, partner at law firm Shardul Amarchand & Mangaldas & Co. “These include providing a clearer legal framework for the use of genetic resources and traditional knowledge." The treaty would also improve market confidence, Mishra said, as it would ensure that “traditional knowledge and genetic resources are used ethically and legally, minimising the risk of legal disputes".

Subodh Gupta, CEO of Lord's Mark Microbiotech, echoed these sentiments, emphasising that the treaty would benefit India’s biodiversity and traditional knowledge. “The treaty ensures that (India’s) vast repository of biodiversity is now a part of the global IP framework," he said.

“In addition, by acknowledging the role of indigenous peoples, the treaty facilitates increased transparency and strengthens the ethical framework. However, concerns about individual privacy must also be addressed." Not everyone is as sanguine, though, especially as several changes proposed by India have not been included in the treaty.

“The only reason to celebrate is that the treaty has been adopted despite opposition from developed countries," said Vibha Varshney, consulting editor at Down To Earth magazine. Varshney said the treaty fails to adequately address biopiracy and that India might end up diluting its patent laws as it amends them to align with the treaty.