UK companies are missing out on billions of pounds in potential revenue by not filing international patent applications as aggressively as their rivals in other countries, industry experts have warned.
A report by the Chartered Institute of Patent Attorneys (CIPA) reveals that UK companies are registering patents in key markets such as Europe and China at rates 40% lower than their French and German counterparts. The World Intellectual Property Organization (WIPO) also ranks the UK between 16th and 20th in its Global Innovation Index, particularly for measures relating to patents, highlighting the country’s poor performance in this area.
This worrying trend suggests that British companies and entrepreneurs are not adequately protecting their inventions and discoveries on the global stage. According to the Chemical Industry Association, this neglect could cost the UK billions of pounds in lost revenue as other countries take the lead in science and technology-based applications. Sharon Todd, chief executive of the association, warned that the lack of patent applications in the UK is a clear sign that the country’s science-based industries are under pressure. “We risk losing billions of dollars to our international competitors,” she said.
The new government has been urged to address the issue urgently, with calls for closer collaboration with industry to resolve the challenges surrounding patent protection. Todd stressed the need for the UK to remain competitive in sectors such as green technology, new medicines and food production, which are vital to economic growth and job creation. The Chemical Industry Association is calling for a ‘Science and Innovation Growth Council’ to provide expert advice to the government on the policies needed to support innovative industries.
Matt Dixon, President of the Intellectual Property and Patent Institute, stressed the Institute’s commitment to partnering with government to address the UK’s patent shortage. He stressed that only through close collaboration between business and government can the UK benefit from the economic opportunities that IP and patent protection provide.
Founded in 1882, the Institute of Chartered Patent Solicitors is the UK’s largest intellectual property organisation, representing over 4,500 members, including 1,100 trainee patent solicitors. The Institute plays a crucial role in supporting SMEs, universities and large corporations to protect their innovative technologies around the world.