Phytochemicals: Intellectual property rights

Abstract

Phytoconstituents have a considerable significance in the everyday life of humans since long. With the advent of modern sciences and technological innovations in the past few decades, a significant human interference within nature has been witnessed that leads to the enhancement of plant-based products in agro-pharma sectors. Commercial utilization of medicinal phytoconstituents is a valuable thing from scientific as well as industrial point of view. In the past few decades illegal commercial exploitation of phyto-resources has been witnessed. Hence in this context, Intellectual Property Rights makes conspicuous relation of balancing the use and protection of phytochemicals. Intellectual Property Right not only advocates equitable profit sharing with the indigenous peoples but also commands the sustainable use of phytoconstituents. TRIPS agreement, CBD and UPOV's standards, and guidelines ensure plant protection in terms of Intellectual Property (IP). India, being the member of the world's most challenging economies with respect to enforcement of Intellectual Property and its security, has various IP laws (Plant varieties and Farmer's Right Act (2001), Indian Biodiversity Act (2002), Geographical Indication of Goods Registration and Protection Act (1999), Traditional Knowledge Digital Library for protection of plants and their products. © 2020 Elsevier Inc. All rights reserved.