Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international agreement binding all the members of the World Trade Organization (WTO). TRIPS came into effect on January 1st, 1995. The agreement specifies the minimum standards of protection of Intellectual Property (IP), enforcement procedure, remedies, and mechanism for dispute resolution. Intellectual Property needs to be protected as it incentivizes the innovator which encourages the inventors to invent more and more and not incentivizing the same would discourage and disincentivize them. The Indian Patent Act, 1970 granted only process patents in the field of drugs, cosmetics, and foods till 01-01-2005. This regime…
