Ranked 42nd out of 55 major global economies in the International Intellectual Property Index published by the American Chamber of Commerce, India is ripe for emerging market leaders seeking to transform their economies through IP-driven innovation.

As India grows and economic influence on the world stage, the time is ripe for India to emerge as a leader in emerging markets seeking to transform their economies through intellectual property-driven innovation, said Patrick Key, Senior Vice President of the Centre for Global Innovation Policy, AmCham. Patrick Kilbride releases its annual report on Friday.

The report covers everything from patent and copyright laws to monetisation capabilities of intellectual property assets and ratification of international agreements as India continues to vigorously combat copyright piracy by issuing dynamic bans. India offers generous R&D and intellectual property-based tax incentives and energetically raises awareness of the adverse effects of piracy and counterfeiting. It is a global leader providing targeted administrative incentives for SMEs to create and use intellectual property assets.

India has taken steps to strengthen enforcement of copyright-infringing content and provide a best-in-class framework to facilitate better understanding and utilisation of intellectual property assets. However, Kilbride said that addressing long-standing gaps in its intellectual property framework is critical to India’s ability to create new models for the region, as well as India’s continued economic growth.

However, the disbandment of the Intellectual Property Appellate Board in 2021, combined with the chronically under-resourced and overwhelmed judiciary, has raised concerns over the ability of rights holders to enforce their IP rights in India to resolve IP issues, the report said.

Licensing and technology transfer operators, including strict registration requirements, say there is a limited framework to protect intellectual property in biopharmaceuticals. By analysing the intellectual property landscape in global markets, the index aims to help countries move towards a brighter economic future marked by greater innovation, creativity and competitiveness. After a decade of steady, incremental improvements to the global intellectual property regime, media releases say a raft of proposals being considered by the US and international policy leaders, including multilateral organisations, could jeopardise hard-won economic gains.