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Written By: Admin | Updated : September 8, 2012 8:07 PM IST
It s a practice by which a company s intellectual property rights can be overruled. The WTO-TRIPS 2006 gives developing nations governments the right to hand out compulsory licenses in case it deems that the product is too costly for the public. It s particularly important in drug pricing because it allows local companies the right to create generic versions of drugs and sell them at a lower rate. The Indian Patent office became the first government body to hand out one when they allowed a local pharma to re-engineer an expensive foreign cancer drug and sell it at a cut-price rate.
