Major Challenges for the Future
For a long time, there has been a considerable amount of controversy about the balance between the costs and benefits of patents to society. It is widely asserted that patents are a necessary means of providing compensation to inventors for their inventive effort. In addition, patents are also regarded as a potent instrument that usefully serves the industrialization process of a country. However, the view that upholds the significance of the patent system to generate economic and social benefits has come under challenge. The argument against the patent system has been focused on the legal nature of patents that increases the market position of the patent holder and prevents the general public from using the information and accessing the patented article for the duration of the patent right. There has been increasing concern about the costs and benefits of patents, especially when they are applied to the context of developing countries. It is contended, on the one hand, that patents facilitate research activities and this will lead to increased numbers of inventions in developing patent-granting states. Patents, it is further asserted, also play a crucial role in encouraging foreign technology owners to transfer valuable technologies to domestic entrepreneurs. In other words, by having a strong patent system, a developing country will increase its inventive capacity, which is a prerequisite for economic development. It has been argued, on the other hand, that the patent system is not designed to suit the needs of developing nations and there is no relationship between...