India Ripe for IP-Driven Innovation Leadership, says US Chamber of Commerce Report
Ten News Network
Delhi (India), February 25, 2023: India has been ranked 42nd among the 55 leading global economies in the International IP Index released by the US Chambers of Commerce.
The report notes that India has made significant progress in protecting intellectual property rights (IP) and is poised to become a leader for emerging markets seeking to transform their economies through IP-driven innovation.
The report credits India’s strong efforts to combat copyright piracy, including the issuance of “dynamic” injunction orders.
Additionally, India offers generous research and development (R&D) and IP-based tax incentives and has a strong awareness-raising campaign regarding the negative impact of piracy and counterfeiting. The country also leads the way in offering targeted administrative incentives for the creation and use of IP assets by small and medium-sized enterprises (SMEs).
The US Chambers of Commerce Global Innovation Policy Center publishes the annual report, which covers everything from patent and copyright laws to the ability to monetize IP assets and the ratification of international agreements.
According to Patrick Kilbride, Senior Vice President of the US Chamber of Commerce Global Innovation Policy Center, “Addressing long-standing gaps in its IP framework will be critical to India’s ability to create a new model for the region and India’s continued economic growth.”
The report notes that India faces challenges in enforcing IP rights, particularly with the recent dissolution of the Intellectual Property Appellate Board and an under-resourced and overstretched judiciary. The report also highlights barriers to licensing and technology transfer, including strict registration requirements and limited frameworks for the protection of biopharmaceutical IP rights.
The Index aims to help nations navigate toward a brighter economic future marked by greater innovation, creativity, and competitiveness by analyzing the IP landscape in global markets. The report comes at a time when a deluge of proposals under consideration by US and international policy leaders threatens to compromise hard-won economic gains in IP systems worldwide.