Bangalore: Indian re-searchers and companies have been filing 36,000 patents annually. Intellectual Property (IP) created out of the country is growing 11 percent year-on-year for past three years says a whitepaper by marketing advisory firm Zennov.
Despite promising growth prospects, India is trailing behind China in terms of IP creation, it said. According to Zennov CEO Pari Natarajan a lot needs to be done if India were to capitalize on this opportunity and called for setting-up of an organization to deal with IP from different perspectives.
The round table noted that China with nearly 400,000 annual patents outweighs India despite the fact that large number of patent holders and applicants globally are Indians. Many lamented “under-valuing” of IP assets in India, which is proving to be deterrent for growth of IP.
Many agreed that India needs strong legal framework to protect and enforce IPR (Intellectual Property Rights), besides addressing challenges like difficulties in access to capital and lack of commercialization framework.