Patents, profitability and access to medicines in TRIPS regime in India - is there a way out?

Indian Patent system has evolved over a period of time and since colonial rule various amendments have been made. Indian Patents Act 1970 that allowed only process patent in the fields of pharmaceuticals, food and agrochemicals was the driving force behind the success story of thriving Indian Pharmaceutical Industry and was modeled by various developing countries. With India becoming member country of WTO India was obliged to amend the Patents Act 1970, which was done by India by issuing an Ordinance in December 2004 and then subsequently passing the law on 23 March 2005. With this amendment of Patent Act, Indian pharma companies can no longer manufacture generic versions of patented drugs. Various forums have raised the issues of pros and cons of patent system in India. This paper tries to discuss the various aspects of patents, arguments in favor of justifying the cost of R&D for a new drug molecule, various arguments propounded by various forums and the flexibilities given by TRIPS and how these flexibilities can be used to support public health.