British businesses are losing out on billions of pounds in revenue by neglecting to file international patents at the same rate as their counterparts in other countries, experts have cautioned. A report by the Chartered Institute of Patent Attorneys reveals that UK companies are filing patents in crucial markets such as Europe and China at rates up to 40 per cent lower than their French and German peers.
The World Intellectual Property Organisation has also found that the UK trails behind leading economies in patent filings, ranking Britain only 16th to 20th in its Global Innovation Index measures related to patents. This alarming trend indicates that British companies and entrepreneurs are not adequately protecting their inventions and discoveries overseas, according to the institute, Britain’s largest intellectual property organisation.
The Society of Chemical Industry has warned that British firms could be missing out on billions of pounds of revenue, allowing other countries to take the lead in science and technology-based applications. Sharon Todd, chief executive of the Society of Chemical Industry, a forum for leaders and scientists in the sector, stated, “The lack of UK patent filings is a key indicator that the health of our science-based industry is suffering. We risk losing billions of value from this country to our international competitors.”
The new government is being called upon to collaborate with industry “urgently” to address patent challenges. Todd emphasised, “The UK cannot afford to stand still while other economies become leaders in green tech, new medicines and food production. We, too, need to propel our economy forward to create skilled jobs and to protect the security of supply of products we rely on every day.”
The Society of Chemical Industry has proposed the establishment of a “science and innovation growth council” comprising industry experts to advise central government on policies necessary to develop innovative industries.
Matt Dixon, president of the Chartered Institute of Patent Attorneys, expressed the organisation’s dedication to collaborating with the government to tackle the UK’s patent problem. He stated, “Only with businesses and government working together in close counsel will the UK avoid losing out on the incredible economic opportunity afforded by intellectual property generation and patent protection.”
The Chartered Institute of Patent Attorneys, founded in 1882, is Britain’s largest intellectual property organisation, boasting more than 4,500 members, including 1,100 trainee patent attorneys. Its members assist small to medium-sized businesses, universities, and large companies in protecting their innovative technology worldwide.
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