India with a score of 38.40% has been ranked 40th out of 53 Global Economies in the 9th Edition of the ‘International Intellectual Property (IP) Index : Recovery through Ingenuity 2021’ released by US Chamber of Commerce Global Innovation Policy Centre (GIPC). USA, UK & Germany topped the Index.
- In the 8th Edition India Scored 38.46%.So there is a decline of 0.06% from Previous Year.
- The IIP Index released annually by GIPC evaluates the IP rights, patents, copyright policies, commercialization of IP assets and ratification of International Treaties of 53 Global economies.
- The report states that the overall global IP environment has improved in 2020, with 32 out of 53 Countries recording positive improvements in their score.
Among BRICS (Brazil, Russia, India, China & South Africa) grouping, India has raised his score from 24.96% in 2012 to 38.40% in 2021 (i.e. there is a rise of 13.44%) & registered the 2nd highest growth over the 9 editions of IIP Index.
China had the largest overall increase in score between 2020-2021 at 3.90%.(i.e. In 2020 it scored 50.96% & in 2021 it scored 54.86%).
- The report states that India needs a unified IP framework which supports India’s competitiveness.
- IP framework is needed for sectors like advanced manufacturing, biopharmaceutical products, and creative content.
- India’s IP ecosystem can be further strengthened through reforms pertaining to Trade secrets protection, removal of bureaucratic barriers, passage of clean Cinematographic Law amendments to protect Indian creative content.
Benefits of having effective IP frameworks
- Economies with most effective IP Frameworks
- Will achieve socio-economic benefits needed to combat COVID-19
- Greater access to venture capital
- Increased private sector investment in research and development
- 10 times more clinical trial activity
Recent Related News:
i.September 3, 2020, For the First time, India joined the group of Top 50 Countries in the 13th Edition of GII 2020, as it took the 48th rank with a score of 35.59 in the Annual report jointly released by WIPO, Cornell University and INSEAD Business School.
About Global Innovation Policy Centre (GIPC):
President & CEO – David Hirschmann
Headquarters – Washington D.C., USA