The recent development in India’s placement on the International Intellectual Property (IP) Index, 2020 has raised concerns. Despite the government’s consistent efforts to enhance investments in creativity and innovation through solid IP protection and enforcement, India’s rank has declined to the 40th position from the 36th in 2019. This drop has been reported by the Global Innovation Policy Center of the US Chamber of Commerce.
Top Economies on the IP Index
As per the IP Index 2020, the five leading economies are the United States, the United Kingdom, France, Germany, and Sweden. They have managed to establish their positions at the top due to the potency of their IP ecosystems.
National Intellectual Property Rights (IPR) Policy, 2016
India’s decrease in rank comes in contrast to the aspirations of the National Intellectual Property Rights (IPR) Policy, 2016. The policy was designed to merge all IP rights onto a single platform considering the inter-linkages between them. It intends to create and leverage synergies amongst all forms of intellectual property, concerned statutes, and agencies. Since its implementation, there has been a marked improvement in the speed of patent and trademark applications processing. Furthermore, it has caused an elevation in the understanding of IP rights among Indian inventors and creators.
About the US Chamber of Commerce
The US Chamber of Commerce is known as the largest business federation in the world. It represents the interests of over 3 million businesses across different sizes, sectors, and regions. Additionally, it includes state, local chambers, and industry associations.
The 2020 U.S. Chamber International IP Index
The ‘Art of the Possible,’ the title of the 2020 U.S. Chamber International IP Index, lays down a blueprint for economies aspiring to transform into 21st-century knowledge-based entities through stronger IP protection. This edition, being the eighth, maps out the IP ecosystem in 53 worldwide economies, accounting for more than 90% of the global GDP.
Analysis of the IP framework
The IP Index reviews the IP framework of each economy, based on 50 unique indicators identified by the industry as representations of economies with the most effective IP systems. These indicators provide an overview of an economy’s overall IP ecosystem, covering nine categories of protection – patents, copyrights, trademarks, design rights, trade secrets, commercialization of IP assets, enforcement, systemic efficiency, and membership and ratification of international treaties.
This recent slip in India’s position signals the need for a more concerted effort in enhancing IP rights protection and enforcement, vital for fostering innovation and creativity in the country.