India's patent filings surge nearly 16%, enters global top 10
What's the story
India has seen a whopping 15.7% growth in patent filings in 2023, with 64,480 applications, as per a report by the World Intellectual Property Organization (WIPO).
The strong growth has catapulted India into the top 10 countries for global patenting activity for the first time.
The report credits the surge mainly to an increase in resident filings, backed by India's fast-growing economy.
Global rankings
Global patent applications surpass 35 lakh in 2023
According to the WIPO report, the number of global patent applications surpassed 35 lakh for the first time in 2023.
This is the fourth consecutive year of growth in this area, with a 2.7% increase from last year's 34.6 lakh applications.
China led the pack with an impressive 1.64 million applications, followed by US and Japan with 518,364 and 414,413 filings, respectively.
South Korea ranked fourth with 287,954 applications, followed by Germany in fifth with 133,053 and India at sixth.
IP growth
India's intellectual property rights applications see significant growth
Notably, the WIPO report also mentions that this is the first time India has made it to the top 10 across three core IP rights categories.
Patent and industrial design applications have more than doubled from 2018 to 2023, while trademark applications have increased by 60%.
"Demand for IP rights is growing even in the face of an uncertain economic environment," said WIPO Director General Daren Tang.
Quality focus
Tang emphasizes on quality and translation of IP filings
Tang further stressed that the growth in patent filings is increasingly coming from residents within their own countries, rather than foreign innovators.
He stressed on the importance of maintaining quality and translating these intellectual property filings into actual products and services.
"With volume growing, the challenge still remains quality and the ability to translate IP filings into actual products and services," he stated.