The Cabinet Wednesday cleared legislation to introduce product patents, in line with WTO requirements, and allowed oil companies with Rs 2000-crore investments to market petrol and diesel after the dismantling of the administered price mechanism from April 1. However, the Cabinet again deferred the much-awaited auto policy.
Legislation to amend the patent law will be introduced in the budget session of Parliament. Now, only process patents are allowed in India. This allows drug formulations to be replicated. The introduction of product patents will prevent Indian companies from duplicating drugs developed and patented after 1995.
The changes in the patent laws, supposed to have been in place by January 1, 2000, will bring flexibility in accordance with the WTO
