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According to report, India experienced significant growth in intellectual property filings, with patents filings doubling between 2018 and 2023.
Other Key Findings related to India:
- Patents: India is ranked 6th globally with 64,500 Patent Filings and country’s Patent-to-GDP ratio surged to 381 from 144 (2013 to 2023).
- Trademarks: India’s IP office is second highest globally in trademarks and now India ranks 4th globally in trademark filings.
- Industrial Design Filing: Ranked 10th globally with a 36% increase in 2023, showing significant growth in creative design.
Factors behind Surge in Patent filing:
- Government Initiatives and Policy Support: E. g. Patents (Amendment) Rules, 2024 (reduced renewal fee and filing frequency time) simplified patent process, National IPR Policy, 2016 etc.
- Timely clearance of applications: India granted 1.03 lakh patents in financial year 2023-24.
- Strengthened IP Infrastructure: Digitization of patent filing processes, establishment of IPR facilitation centers etc.
Challenges related to Patents in India:
- Abolition of Intellectual Property Appellate Board: Leading to creation of a void in handling appeals in IP cases.
- Evergreening of Patents: To extend patent period, guaranteeing monopoly over drugs.
- Other Issues : Compulsory licensing, lack of fixed timelines for each step in procedure etc.
Regulation of Patents
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