IPR becoming most profitable entity

Intellectual Property Rights(IPR) are becoming more profitable entity for the government, a report said.

According to an Intellectual Property India annual report 2017-18, overall filing of applications for various Intellectual Property Rights (3,50,546) has been almost the same as compared to its previous year (3,50,467) but in 2017-18, the total revenue generated was Rs 769.73 crore, which is about 26 per cent higher than that of the previous year while total expenditure was only Rs 153.58 crore.

The interesting point is that Indians still spend more money to protect patents in the US than in India which indicates that Indian system is still lagging behind in terms of attracting domestic inventors and not able to get most of the benefits.The total number of patents granted during the year was 13,045 out of which only 1,937 were granted to Indian applicants. The number of patents in force was 56,764 as on March 31, 2018, out of which 8,830 patents belonged to Indians.

A study conducted by Einfolge, a leader in Patent & IPR and market research solutions, revealed that only 15-18 per cent are filing indigenous, rest are filed by foreign applicants mostly companies who file them as extended arm of their foreign filings as they have big market to capitalise. (UNI)

Source:https://www.pennews.net/national/2019/08/04/ipr-becoming-most-profitable-entity-report