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incentives for creativity, innovation motives and behaviour, inventor characteristics and personality). This was announced by Ms Indranee Rajah, Minister in the Prime Minister's Office, and Second Minister for Finance and National Development; and Co-Chairperson of the Singapore IP Strategy 2030 Steering Committee.
In this sector, intellectual property (IP) regulations are essential for defending the rights of inventors, artists, and producers. By 2030, it’s anticipated that the media and entertainment sector in India will generate $100 billion in revenue. Patents also provide inventors with temporary exclusive rights to their discoveries.
By granting exclusive rights to inventors, patents incentivize innovation and investment in research and development (R&D). In 2012, the Indian Patent Office granted Natco Pharma a compulsory license to produce Sorafenib Tosylate , a cancer drug patented by Bayer Corporation under the brand name Nexavar.
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