Intellectual Property Index: India ranks 40th
On February 5, 2020, the Global Innovation Policy Centre (GIPC) of the US Chamber of Commerce released the International IP (Intellectual Property) Index. According the ranking, India was at position 40 of the 53 economies.
The report released by GIPC says that India remains to be the most challenging but still promising market for IP-intensive industries. The hurdles mainly remain in patent eligibility and enforcement.
This year India scored 16.22 in Intellectual Property Index. India’s score has shown improvement by 7% as compared to the previous year reporting of GIPC. However, based on relative performance, India was pushed four ranks backwards. In 2019, India was at 36th rank improving from 44th position in 2018. It was the highest gain for any country in 2019.
With a score of 42.66 US ranked first followed by UK, Sweden, France, Germany and Ireland.
Indian Patents Act, 2005
The amendments introduced in Indian Patents Act, 2005 are considered the main reason for the pace of development in the field of Intellectual property being slowed down. The major amendment of the act includes Section 3 (d). Under the amendment, the act made licensing compulsory for a third party to make an innovative drug at reduced price, especially in the interest of public health.
Category: Reports & Indexes Current Affairs