The UN's World Intellectual Property Organisation (WIPO), released its World Intellectual Property Indicators 2018 report.
Key findings of Report:
Globally, 1.4 million patents were granted in 2017, the report estimated.
Leading countries: China’s patent authority led the world in the number of patents granted with 420,144 and was followed by the US with 318,829.
Indian Scenario:
India ranked 10th in the number of patents given in 2017.
The Number of patents granted by India increased by 50% in 2017 as compared to 2015. The patents granted by India were 12,387 in 2017, which was more than double the 6,022 patents granted in 2015.
The steep increase was driven by patents granted to foreigners, which accounted for 85% of the total increase. Of the patents granted in 2017, 1,712 went to entities and individuals based in India, and 10,675 to foreigners.
Pharmaceuticals accounted for 15.7% of the Indian domestic applications for patents.
Comment: Demand for IP protection is rising faster than the rate of global economic growth, illustrating that IP-backed innovation is a critical component of competition and commercial activity.
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