Introduction

Transnational corporations are the sources of investment and technology flows and hence are concerned about the legal protection of such technologies and their rights and in anticipative benefits from what are called intellectual properties. The expression "intellectual property" connotes a string of rights available for the protection and exploitation of technology, design, secret etc. They include two branches - industrial property , and copyrights. Such property has come to be known as intellectual property, because it is born of the intellect and requires for its exploitation and use , again the intellect.

The patent law, will play a crucial role in accordance with TRIPS (Trade Related Intellectual Property Rights) in the process of globalisation of commerce. India is required to amend the Patent Act, 1970, by the year 2005.