In the current shining realm of digital innovation, intellectual property rights (IPR) stands tall as protector of commercial rights, shaping the path of nations and economies.
Celebrating World Intellectual Property Day, NASSCOM unveiled its latest masterpiece: the seventh edition of the ‘Patenting Trends in India’ report.
This document doesn’t just give the information and statistics but it plunges into the depths of patent dynamics, offering a roadmap for nurturing an IP-driven digital startups and companies.
In a fiscal year 2023, India witnessed a patent eruption, with a staggering 83,000 filings—a growth spurt of 24.6%, the highest in decades.
This momentum doesn’t stop there; patents granted exceeded mote than twice from FY2019 to FY2023, with the expectations, for over 100,000 grants in the upcoming year that will prove to be a positive sign and beginning of a new dawn.
Local innovators are plating a major role in this. This surge, now over 50% of total filings, depicts that India’s awakening to the power of intellectual property.
NASSCOM’s president, Debjani Ghosh, claps for India’s increasing participation in the innovation race, more particularly in the blooming field of artificial intelligence. Yet, the journey has just begun, calling for collaborative efforts to elevate awareness and action in the field of intellectual property rights.
From deep-tech startups planting over 900 patent flags since 2008 to foreign entities coming to India with 32,000 Patent Cooperation Treaty (PCT) applications, the landscape is filled with creativity.
If we talk about the Healthcare sector, it takes the lead in patent play, imaging and diagnostics are leading the pack, closely followed by the digital universe of Automation and Retail.
Artificial Intelligence takes over in patents in image processing and predictive processes, while new horizons beckon with Gen AI, Medical Data directory, and Cognitive Computing.
Despite strides in streamlining the patent process, India’s global share hovers just above 2%, a mere glimpse of its potential that what can be done in near future in the patent area.
The report’s recommendations aim to fortify India’s position as a powerhouse of innovation, simplifying filing procedures for IPR, strengthen the expertise at patent offices, and fine-tuning guidelines for computer program patents are just the beginning of this epic journey.
