While people continue to debate whether patents spur or stifle innovation, the recently published 2015 International IP Index from the Global Intellectual Property Center (GIPC) of the U.S. Chamber of Commerce draws correlations between strong IP protections and thriving innovative economies. Namely:
- Economies with robust IP environments yield 50 percent more innovative output compared to countries with IP regimes in need of improvement.
- Economies with favorable IP regimes employ more than half their workforce in knowledge-intensive sectors.
- Companies in economies with advanced IP systems are 40 percent more likely to invest in R&D.
- Economies with beneficial IP protection see 9-10 times more life sciences investment than countries with weak IP protections.
Which countries have the best and worst IP protections? While it is not surprising to see developing countries with limited protection, economies across the spectrum are realizing the benefits of strong IP protections and are taking steps to improve their IP system. Over the past year:
- Canada acceded to the WIPO Internet Treaties.
- In India, the Modi Administration’s national IPR think tank recently released the Draft National IPR Policy, which recognized the fundamental links between IP, innovation, and the successful development of innovative products. Additionally, the formation of a high-level IP working group as part of the Trade Policy Forum has the potential to elicit measurable and sustainable changes to India’s IP system.
- Parties to the Trans-Pacific Partnership (TPP), including Australia, Mexico, and Singapore, took steps to improve IP rights related to patentability.
MultiLing is committed to helping global enterprises protect their IP around the world with expert translations and patent filing services. The International IP Index not only underscores the importance of IP protection to growing economies, but also reveals the varying regulations and practices from country to country. Working with MultiLing to centralize your patent translation and filing needs to a streamlined process will help ensure faster time to grant and lower overall cost of patent ownership, no matter the countries in which you seek prosecution.