“India Shines in Innovation: Record High Patent Filings in 2023, Reduced Pendency Time”
India’s Patent Boom: A Beacon of Innovation
Well, well, well! India seems to be on a roll, folks. The country is making waves in the innovation sector, with an impressive average of 247 patents filed per day in 2023. That’s the highest in the last two decades! According to a report by SBI Research and the Indian Patent Office, patent filings surged by a whopping 17% to 90,309 in 2023.
A Leap Forward
But wait, there’s more! India has also managed to drastically reduce the average patent pendency by 15 months, bringing it down to 53 months in 2023. The most significant reduction has been in the fields of chemistry and polymer, where the average time for patent approvals is now just 30 months.
Patent Approvals: A Sign of an Efficient Ecosystem
This increase in the number of patents being granted, coupled with the reduced pendency, signifies an efficient ecosystem for recognising and protecting inventive ideas. Over the last few years, delays in patent examination and subsequent approvals had created multiple obstacles for innovators. But it seems like the tide is turning.
Resident Indians Leading the Charge
The share of resident Indians in the Indian Patent Office (IPO) filings among single inventors has jumped from 22.9% in the pre-2014 era to 35.5% post 2014. “Research advancements in rapidly growing industries are primarily driven by intellectual property, particularly in areas of computers, communications, and biomedicals,” says Unnat P Pandit, controller general of patents, designs and trade marks.
Patent Filings: A Reflection of India’s Innovation Landscape
According to the report, in the decade from 2014-23, educational and scientific institutions doubled their share in innovations to 31%. In the previous decade, companies had a 50% share, followed by individuals at 35%, and educational and scientific institutions had a 15% share.
Patent Pendency: A Key Indicator of Progress
“Reduced patent pendency is an indicator of the constant improvements being brought into the system,” says Suhrita Majumdar, partner, S Majumdar & Co. “More patents being granted suggests a culture of innovation and a willingness to protect intellectual property in a knowledge driven economy.”
Patent Filings: A Testament to India’s Innovative Spirit
As per the data, a staggering 8.4 lakh patents have been filed in the country till December 2023. This is a testament to India’s innovative spirit and its commitment to fostering a culture of innovation.
In conclusion, India’s patent boom is a clear indication of the country’s growing prowess in the field of innovation. With a robust patent ecosystem in place, the future of innovation in India looks brighter than ever.