Latest in IIP Index

Latest in IIP Index

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April 16, 2023

The 11th version of the International Intellectual Property (IP) Index was recently released by the US Chambers of Commerce.

• The yearly index measures IP rights protection using 50 exclusive indicators to evaluate 55 top global economies that account for about 90% of worldwide GDP.

• The index includes everything from copyright laws and patent to the acceptance of international agreements and capability to monetise IP holdings.

• The index strives to help countries through the analysis of IP landscape in worldwide markets so that they achieve better economic future through creativity, competitiveness and greater innovation.

Intellectual Property (IP)

• It refers to entity development using the mind like artistic and literary works, commercial names, images and symbols, inventions, designs, etc.

• IP is legally protected through copyright, trademarks and patents that help individuals to earn financial benefit or recognition through their invention or creation.

• The IP system strikes a correct balance between the larger public interest and innovators to develop an environment where innovation and creativity can flourish.

Major Findings

• Out of 55 countries, India is ranked 42nd but due to its economic influence and large size, it can become an emerging market leader amongst economies that want to revamp their economy using IP-driven changes.

• India has introduced measures to provide the perfect-in class framework and better enforcement in opposition to copyright-encroaching content so that there is improved IP asset utilization and superior understanding.

• By issuing “dynamic” injunction procedures, the country has continually maintained strong attempts in copyright piracy.

• India is a worldwide leader in targeted policy-making incentives for the use and creation of IP assets involving SMEs as it offers IP-based and R&D tax incentives.

• It has also undertaken strong awareness-inducing measures towards the detrimental impacts of counterfeiting and piracy.

Loopholes in the IP Framework of India

• Plugging the various IP framework gaps within the country is crucial for India’s economic growth and its capacity to build new regional models in this area.

• A key weakness area is the IP Appellate Board Dissolution of 2021.

• There is a continuing problem of overstretched and under-resourced judiciary that raises grave concerns on the ability of right holders’ to implement their IP rights and decide IP-related conflicts.

• Limited structure pertaining to patentability requirements and IP rights of biopharmaceuticals.

Source - U.S. Chamber of Commerce at https://www.uschamber.com › intellectual-property