This piece of content is part of multiple stories. We recommend you read this content in the context of one of the following stories:
India’s Patently Wise Decision
Author: Joseph E. Stiglitz & Arjun Jayadev, Project Syndicate, Published on: 8 April 2013
The Indian Supreme Court’s refusal to uphold the patent on Gleevec, the blockbuster cancer drug developed by the Swiss pharmaceutical giant Novartis, is good news for many of those in India suffering from cancer. If other developing countries follow India’s example, it will be good news elsewhere, too: more money could be devoted to other needs, whether fighting AIDS, providing education, or making investments that enable growth and poverty reduction. But the Indian decision also means less money for the big multinational pharmaceutical companies. Not surprisingly, this has led to an overwrought response from them and their lobbyists: the ruling, they allege, destroys the incentive to innovate, and thus will deal a serious blow to public health globally. These claims are wildly overstated. Indeed, there is a growing consensus among economists that the current IP regime actually stifles innovation.
Related companies: Novartis