Bank To Help Patent Products

World Bank president James Wolfensohn has said the bank will help entrepreneurs from developing countries like India to get registered and patent their products in various parts of the world.

According to Kirit Somaiya, a BJP MP and member of the Indian delegation that attended the UNCTAD conference in Bangkok, the bank will devise a package to give assitance, finance and support these companies and also co-ordinate the registration process for the patents of developing countries.

"We raised the issue at the conference and apprised UNCTAD conference on difficulties involved in registering intellectual property rights. The benefit of traditional knowledge in the devleoping countries needs to be passed on to these countries. The row over basmati rice and other similar issues has created a flutter as developed countries have sought to patent these products," he told Business Standard.

The bank has also assured the Indian delegation on benefit to be extended to traditional knowledge on commodities like turmeric, rice and so on.

"It is well known that a large of number of third world countries are rich in traditional community knowledge. However, such an indigenous knowledge is oral and not yet documented. Entrepreneurs from developoing countries cannot afford to get it registered or patented abroad. The developed world has to pay compensation once this documentation is done as this is very much the right of developing countries. The cost of such a project will be miniscule compared to the benefits that are likely to accrue to such communities," he added.