Singapore government is revising patent laws
Singapore government is revising patent laws
SINGAPORE (AFP): Singapore announced yesterday it was reviewing patents laws protecting intellectual property rights to woo more foreign investors to set up research and development centers here.
"We are reviewing all the relevant laws under the Patents Act to update them in line with the Uruguay Round Final Act Package," Trade and Industry Minister Yeo Cheow Tong said as he launched a S$300-million (US$215-million) pharmaceutical manufacturing plant.
The state-of-the-art multi-purpose plant being built by Schering-Plough Corp. is the first manufacturing facility for pharmaceutical chemicals to be set up in Singapore by a major U.S.-based company.
Yeo said the patent laws of the city-state would be amended to align them with the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs), an integral part of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) concluded last year.
"I am glad to announce that the government has set up an inter-ministry committee to examine the TRIPs agreement and review what Singapore needs to do to conform to its obligations under TRIPs," he said.
Singapore, housing many computer software development centers and electronics R and D centers of multinational companies, enacted a new Patents Act only in October last year, modeled on legislation in several developed countries, especially Britain.
Old law
The previous law was said to be costly, time-consuming and cumbersome, particularly in the registration and granting of patents based on foreign searches and examination.
"Our aim was to strike a balance between providing adequate protection and returns to patent owners on the one hand, and on the other, preserving the interests of consumers and industry through easier access to patented products and services," Yeo said.
Under the Uruguay Round agreement, developed countries were to take immediate steps to adhere to the TRIPs agreement while developing countries were given a five-year grace period, officials said.
Yeo said Singapore wanted to strengthen its capabilities in biotechnology and pharmaceutical research and development to complement its strengths in manufacturing.
Schering-Plough's Singapore facility, for which a ground- breaking ceremony was held yesterday, will be completed by the end of next year. The company recently established a US$37- million joint venture with two Chinese corporations in Shanghai.
Schering-Plough expects its sales in Asia to increase by 30 percent annually from the US$190 million expected this year.