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On the intellectual property front, we are keeping score – with positive results.
The U.S. Chamber of Commerce released the 4th Edition of the International IP Index on Wednesday, and it revealed that half of the 38 economies benchmarked recognized the benefits of intellectual property (IP) and strengthened their systems – in turn improving their overall scores from last year.
The index is based on 30 measurable criteria critical to innovation, including, patent, copyright and trademark protections, enforcement, and engagement in international treaties, among others. An additional eight economies were added this year. The 38 economies account for nearly 85% of global gross domestic product (GDP). The United States again scored the highest.
And for economies that are lagging, the index can serve as a tool to improve their IP environment.
Venezuela finished last out of the 38 economies studied. Coming in just ahead of Venezuela was India and then Thailand.
The Chamber’s Index highlights the key criteria businesses look at when they are deciding where to invest their resources, which in turn leads to greater economic strength domestically for those economies. It’s a win-win, and there are infinite possibilities for economies around the world who seek to improve their IP regimes.
IP underpins innovation, so the upward momentum in the global IP system means new lifesaving medications, greater creative content, and more innovative brands.
It’s too important not to continue.
The Chamber’s International IP Index ensures that economies around the world have a resource and a roadmap to continue the upward trend continues.
Now we all have a responsibility to make sure that happens.