World Intellectual Property Day

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Context:

• India celebrated World Intellectual Property (IP) Day on April 26, shedding light on the nation's remarkable progress in patent filings.
• According to a report released by Nasscom on this occasion, India witnessed a significant surge in patent filings during the fiscal year 2023.

ALL ABOUT PATENTS IN INDIA: https://www.iasgyan.in/daily-current-affairs/patent#:~:text=A%20patent%20is%20an%20exclusive,improvement%20in%20their%20previous%20Invention.

Key Highlights:

• Impressive Growth Rate: India recorded 83,000 patent filings in FY2023, representing an astounding 24.6% annual growth rate. This remarkable growth rate is the highest observed in the past two decades.
• Doubling of Patent Grants: The report, titled "Patenting Trends in India," highlighted a substantial increase in the count of patents granted. Between FY2019 and FY2023, the number of patents granted more than doubled, surpassing 100,000.

Patenting Trends in India

Domestic Innovation Growth:

• Over the past decade, the share of patents filed by Indian residents has doubled, from 33.6% in FY2019 to over 50% in FY2023.
• This surge signifies a heightened focus on intellectual rights within the country, largely led by educational institutes.

Rapid Increase in Patent Grants:

• The total number of patents granted has more than doubled between FY2019 and FY2023.
• Projections indicate a further increase, with over 100,000 patents expected to be granted between March 2023 and March 2024.

Global Engagement:

• Indian deep-tech startups have filed over 900 patents since 2008, indicating a strong presence in the global innovation landscape.
• Additionally, other countries have filed 32,000 patent applications under the Patent Cooperation Treaty (PCT) in India, reflecting India's growing importance in global innovation.

Sector-Specific Innovations:

• Healthcare leads in patent applications, particularly in medical imaging, diagnostics, report generation, and testing.
• Other notable sectors for patent filings include Automation/Software Development and Retail/e-commerce.
• Spikes in artificial intelligence patents, focusing on image processing, natural language processing, and predictive modeling, were observed in 2019.

IoT Technology Adoption:

• Increasing integration of IoT solutions across industries such as manufacturing, smart cities, and healthcare for enhanced connectivity and automation.
• IoT technology is driving more efficient operations through interconnected devices.

Emerging Trends in Neurotechnology:

• Startups are showing interest in neurotechnology, developing technologies for brain-computer interfaces and cognitive computing applications.
• These innovations are likely geared towards healthcare applications, including diagnostics and patient monitoring systems.

Healthcare Innovations:

• Startups are heavily patenting in healthcare, with a focus on medical imaging, diagnostics, report generation, and testing.
• Technology plays a crucial role in transforming healthcare through accurate diagnostics and personalized treatment plans.

Closing Remarks

• This surge in patent filings and grants underscores India's growing emphasis on innovation and intellectual property protection.
• It reflects the nation's evolving landscape, where innovation is increasingly recognized and valued.
• India continues to foster an environment conducive to innovation and creativity, these patenting trends are expected to contribute significantly to the country's socio-economic development and global competitiveness.

World Intellectual Property Day World Intellectual Property Day is observed annually on 26 April. The event was established by the World Intellectual Property Organization (WIPO) in 2000 to "raise awareness of how patents, copyright, trademarks and designs impact on daily life" and "to celebrate creativity, and the contribution made by creators and innovators to the development of economies and societies across the globe". 26 April was chosen as the date for World Intellectual Property Day because it coincides with the date on which the Convention Establishing the World Intellectual Property Organization entered into force in 1970. World Intellectual Property Day is WIPO’s largest intellectual property (IP) public outreach campaign. World Intellectual Property Organization (WIPO) The World Intellectual Property Organization (WIPO) stands as one of the specialized agencies within the United Nations, dedicated to promoting and safeguarding intellectual property (IP) rights worldwide. Established in accordance with the 1967 Convention, WIPO commenced its operations on April 26, 1970, with a mission to collaborate with nations and international bodies in IP-related matters. WIPO's functions encompass hosting forums to shape international IP policies, offering global services for IP registration and protection, mediating cross-border IP disputes, and fostering connectivity among IP systems. WIPO oversees 26 international treaties addressing various IP issues and operates under the governance of the General Assembly and the Coordination Committee. With its headquarters in Geneva, Switzerland, WIPO extends its reach through external offices across the globe. Notably, WIPO's funding model diverges from typical UN agencies, with a majority of its budget derived from fees linked to its services. Presently, WIPO boasts a membership of 193 states, including UN members and observer entities, highlighting its widespread global influence in the realm of intellectual property rights.

ALL ABOUT PATENTS IN INDIA: https://www.iasgyan.in/daily-current-affairs/patent#:~:text=A%20patent%20is%20an%20exclusive,improvement%20in%20their%20previous%20Invention.

MUST READ ARTICLE ON INTELLECTUAL PROPERTY RIGHTS: https://www.iasgyan.in/ias-gazette-magazine/perspective-intellectual-property-rights

PRACTICE QUESTION Q. What do you understand by the concept of patent evergreening? Discuss its impact on innovation and access to affordable products. Evaluate ethical and legal aspects and suggest regulatory measures for balancing interests.

SOURCE: THE INDIAN EXPRESS