It is believed that India has an incredible potential to become one of the world’s leading markets and hub for the innovation, research and development. Intellectual property industry is assessed to have a huge growth potential in the current Indian and Global context. Intellectual Property Rights (IPRs) unarguably are emerging as a strategic business tool for any business organization to enhance its competitiveness.
Over the last few years, with slogans like “Creative India: Innovative India”–”Make in India” the Government of India has been trying to position itself to be a pro-IP, knowledge-driven economy capable of competing with developed and developing countries in protecting and promoting innovation and other IPR in an array of industries. Lately, we have seen a paradigm shift towards high quality and value.
A huge difference in the number of Indian patent publications was observed in the year 2016, where, the count went almost double as compared to the previous year. Initiatives like Creative India: Innovative India”–”Make in India” could be credited for this achievement.
Despite efforts from government and industry, international companies and individuals continue to overshadow local inventors with regard to filing patent applications. Looking at the top assignors for recent years Indian patents, the names disclose a similar story.
According to the survey, less than 20% of patents filed in India yearly are local.
Looking at the top assignee for Indian filed patents, out of 13 top players – an Indian based firm looks like a minority. Inspite of being populated by 1.3 Billion people and inspite of being rich in innovation & talent, Intellectual property industry of India is yet dominated by the international market.