Patent filings around the world jumped from 3.40 million in 2021 to 3.46 million in 2022, according to the latest World Intellectual Property Indicators Report. This development highlights three consecutive years of growth as far as global patent applications are concerned.
The report further shows China and India had a lot to do with it, as both countries recorded significant increases in the number of applications filed by residents in 2022.
China recorded 1.58 million patent filings from China-based applicants for domestic and foreign jurisdictions, up by 3.1 percent from 2021.
Meanwhile, India’s patent applications from residents increased by 31.6 percent in 2022. Previously, there were few national filings, and most patent filings were international applications entering the country in the national phase. Lack of awareness of IP rights, patentable inventions and the mindset – among small businesses at least – that IP may not yield monetary returns accounted for this grim scenario. Rachna Bakhru, Partner, RNA, Technology and IP Attorneys, Gurugram. Read more