One of the most essential industry for our survival is the pharmaceuticals industry. Hence, the intellectual property (IP) rights imposition on pharmaceuticals industry plays a big role. So, it directly effects our lives. But the concern is at the bigger picture. Since, IP rights causes prices to go up for a lifesaving good.
On the other hand, it is also necessary to keep IP rights of the companies intact. Mostly, it helps companies survive through making profit. The again, how much should be the limit of the profit?
While concerns are raised on survival of the companies, it is also understandable that IP rights can be a way for the pharmaceuticals industry to make ridiculous profit. Therefore, a dilemma remains. Although, the highlighted role of IP on the pharmaceuticals industry cannot be ignored.
So, is there a way out to balance the welfare of the society by keeping the business? The answer is not as simple as you may think of it! Furthermore, a global chain is already involved in it already. Whereas, not every owning company might not be willing to give up their extra profit!
Therefore, should we serve justice to the inventors or focus only on the ones in need of cost-effective medicines? Addressing the need for medicines is the first answer one can think of. But surely, it is also necessary to incentivise the inventors. Otherwise, no one will have the willingness to invent or discover something new that can help the society.
What is the way out of it? As simple as the answer may be, the implementation as difficult as that. Therefore, IP rights protection in pharmaceuticals industry has to stay. But, the cost escalation due to the rights needs to be monitored at a tolerable level.
As much as you are bothered about price escalations due to IP rights, being involved in the industry also gives you a possession of social responsibility. Therefore, as long as the market system is re-thought, you have to make your finances efficient. Hence, you should help keep the cost in the industry to a minimum.
So, avail the services of PurePay. PurePay works with high-risk merchants. Similarly, working with merchants of the pharmaceuticals industry is a big part of us. Join us today and let your business grow as you serve the society too.