Abstract:
Gene patenting has been facing backlash for decades now. Even Michael Crichton, science fiction novelist, as joined the bandwagon speaking against gene patent.1 Such hostility towards patents, the professional interests of academics, researchers and inventors are under the threat of losing their rights over the work they have done. The biotech industry can never be out of discoveries. With constant biological changes, new diseases are appearing and they have to dig deeper. However, not all progress is free. Rewarding the inventors is not at all unfair. This paper will demonstrate that (i) patents are a foundation of the industry. They need to innovate further progress. The reason patent law exists to protect the inventions for a limited period of time. The paper will also demonstrate that (ii) the social myths about gene patent are not really manifested in reality. It will discuss the argument against gene patenting and then will present counter arguments with empirical evidence whether the myths are really true.
