Innovations continue to grow despite global economic downturn

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Francis Gurry

Despite the difficult global economic conditions, international patent filings set a new record in 2011 with nearly 182,000 applications according to the World Intellectual Property Organization (WIPO).

The increase represented a growth of 10 per cent over the filings made in 2010.

WIPO Director General Francis Gurry says the growing number of patents was an indication of the importance companies attach to innovation as a feature of their economic strategy.

He says Asian economies were gradually becoming centre's of innovation overtaking the United States and Europe.

"Asia now accounts for 38 per cent of all international applications filed under the PCT. Europe is 30.9 per cent and North America is 28.3 per cent. It's very interesting to see the middle income countries increasing their filling of international patent applications, presumably reflecting their journey to higher value on the value chain and to increased innovation. We saw Brazil increase by 17.2 per cent in 2011and we saw India increase by 11.2 per cent."

United States, Japan Germany, China and Korea had the highest number of patent applications. China however registered the highest growth rate in patent filling in 2011. ZTE Corporation of China and Panasonic Corporation of Japan had the highest number of patent application made by corporations.

Duration: 47″

Filed under Today's News.
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