After US and EU India needs to modify its Intellectual Property Rights

New Delhi: India needs to modify its intellectual property rights (IPR) regime and fast-track legal system to attract foreign investments, a report said on Wednesday.

“India must sort out some contours of its IPR regime. The legal system must be fast-tracked and the use of compulsory licensing (CL) for essential pharmaceutical drugs must be the exception and not the norm,” it suggested. The report has been released by the Europe India Chamber of Commerce (EICC) and European Business and Technology Centre (EBTC) in co-operation with the European Business Group.

The US industry too has raised concerns over India's IPR laws particularly in the pharma sector. However, Indian government has maintained that its IPR laws are in compliance with WTO norms and rules.