India is ranked 42nd among the world’s top 55 economies in the US Chamber of Commerce’s International Intellectual Property Index, which says India is ripe to become a leader in emerging markets looking to transform their economies through IP-based innovation.
As India’s size and economic influence grows on the world stage, India is ripe to become a leader in emerging markets looking to transform their economies through IP-based innovation, Patrick Kilbride, senior vice president of the US Chamber of Commerce’s Global Center for Innovation Policy, said in Friday Annual Report.
According to the report, which covers everything from patent and copyright laws to the ability to monetize intellectual property assets and the ratification of international agreements, India has continued to push hard against copyright piracy through the issuance of dynamic injunctions.
India not only has generous tax incentives based on research and development and intellectual property, but also has a strong awareness-raising effort on the negative impact of piracy and counterfeiting. It is a world leader in targeted administrative incentives for the creation and use of intellectual property assets for SMEs, the company said.
India has taken steps to improve enforcement against infringing content and provides a best-in-class framework to promote better understanding and use of intellectual property assets. However, addressing long-standing deficiencies 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, Kilbride said.
However, the report states that the dissolution of the IP Appellate Board in 2021, combined with the long-standing problem[1] of under-resourced and overburdened judiciary, raises serious concerns about the ability of rights holders to enforce their IP rights in India and resolve IP-related disputes.
Licensing and technology transfer carriers, including strict registration requirements, said there is a limited framework for protecting intellectual property rights in biopharmaceutical products.
By analyzing the state of intellectual property in global markets, the Index aims to help countries move towards a brighter economic future characterized by greater innovation, creativity and competitiveness.
After a decade of steady, incremental improvements to IP systems around the world, a flurry of proposals being considered by US and international policy leaders, including multilateral organizations, threatens to threaten hard-won economic gains, the media reported.
