Innovation and IP (Intellectual Property) rights go hand-and-hand and this is evident as one reads the recent report released by the Global Innovation Policy Center entitled Art of the Possible: US Chamber IP International Index.
According to David Hirschmann President and CEO Global Innovation Policy Center, “IP protections show innovators that their investments are valuable and that their work is worthy. IP protections allow those investments to disrupt markets, spur economic growth, and stimulate competitiveness. Now, the Index helps track new opportunities to strengthen those protections even further, because as the global IP ecosystem becomes more robust, so does global innovative and creative output.” The Global Innovation Policy Center is an affiliate of the U.S. Chamber of Commerce.
The 2020 U.S. Chamber International IP Index is the eighth edition of the publication. The Index, using 50 unique indicators, evaluates the IP framework of 53 global economies. These indicators provide a quick view of an economy’s overall IP ecosystem and highlight nine categories of protection: patents, copyrights, trademarks, design rights, trade secrets, commercialization of IP assets, enforcement, systemic efficiency, and membership and ratification of international treaties.
Here are key findings (directly quoted):
- IP remained at the crux of the China trade dispute. The United States and China signed a Phase One trade agreement on January 15, 2020.
- Several emerging markets made progress towards implementing a range of pro-IP measures in order to attract investment, though challenges remain.
- Developed and developing economies alike are undermining biopharmaceutical innovation, which reduces access to life-saving medicines and technologies and is the wrong approach to address health care costs.
- Recent free trade agreements (FTAs) have failed to strengthen global IP standards, and future agreements must do more to raise the bar for IP protection.
- Emerging markets are increasingly using international treaties to signal that their economy is willing to engage and abide by international IP standards.
Overall Economy Top Ten Ranking:
- United States
- United Kingdom