India’s Patent Filing Ranks Among the Top 10 Countries in the World
The Institute of Cost Accountants of India (ICAI), in collaboration with the MSME & Startup Promotion Board and the World Trade Center (WTC) Shamshabad-Visakhapatnam, recently organized a virtual session on ‘IPR- Business Strategy’. The session focused on intellectual property rights and its ecosystem in India.
During the discussion, it was revealed that India has undergone significant development in its patent system, resulting in a surge in patent filings. As a result, India now ranks among the top 10 countries in patent filing. The number of Intellectual Property Rights (IPR) filings has increased from 18,000 in 2012 to 43,163 in 2021, and the number of patents granted has surged from 6,384 in 2012 to 7,722 in 2021.
Chittaranjan Chattopadhyay, Chairman of the MSME and Startup Promotion Board, stated that India has a robust legal framework for IPR and that the government has introduced several initiatives to clear the backlog of trademark registration and taken measures regarding IPR filing. Meanwhile, Y Varaprasad Reddy, Chairman of WTC Shamshabad-Visakhapatnam, emphasized the importance of providing information about IPR for accountants who can then support enterprises in understanding the value of IPR.
During the session, speakers discussed the need for patenting and different forms of IPR under which a property can be secured. They also informed attendees that for registered startups and MSMEs, the application fee for the process is Rs 4,500, a 50% discounted amount.
AVSN Murthy, Chairman of CC and RC Committee, spoke about the role of Certified Management Accountants (CMAs) as gatekeepers of IPR for supporting small scale industries and startups that do not have the budget to protect their business.
In conclusion, it was emphasized that safeguarding IPR is necessary to avoid losing revenues, litigation costs, and capturing external markets. IPR should be an integral part of every business strategy as it enables enterprises to safeguard their inventions and creative work, turning them into profitable businesses.