The Government of India promulgated a Presidential Ordinance December 26, 2004 to amend the 1970 Patent Act in order to meet the Word Trade Organization's (WTO) January 1, 2005 deadline on product patents, according to a statement released by the Press Information Bureau of India.
The Ordinance must be ratified by both houses of Parliament when it reopens in February, or it would lapse within six months.
Pharmaceutical, food processing and chemical companies will considerably benefit from the change in the Indian Patent Act. Effective January 1, 2005, India granted 20 year term product patents.