Grow your economy: fast track patents
Jinfo Blog

2nd June 2010

By Joanna Ptolomey

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In January 2010, a report by London Economics highlighted the issues of ‘patent backlog’ as the world patent systems have become under increasing strain to cope with the stellar growth in applications around the globe. http://www.londecon.co.uk/le/publications/recent_reports.shtml Backlogs in the patent system have knock-on effects for global and regional economies. This creates a two-fold issue – firstly it reduces the value of applications and secondly has a knock-on effect on the incentive for innovation. The report continues that backlogs are indicted to grow by an extra 13 months over the next 5 years. It also indicates that this will cost global economies around £7.6 billion – the detrimental effect, wasted resources, and increased monopoly power. Part of the problem in global patents is the duplications in applications estimated to be around 34% globally of the 1.6 million applications made worldwide. The report continues that the introduction of a ‘mutual recognition’ scheme would shave 25% off the time taken for applications with a reduction of backlogs from 9-37 months depending on the level of mutual recognition. In a time of severe economic outlook one of the key drivers for coming out of recession will be innovation to drive economic growth and social benefit. Delays in patent applications hinder industry expansion and also the creation of new jobs. The UK prime Minister has recently announced that ‘a new fast-track system for international patents to reduce the global backlog which stifles growth and enterprise and costs the global economy £7.6 billion for every year patents are delayed.’ The UK is among the first to introduce such a fast-track scheme. How does it work? Businesses and individuals can apply for their application to be dealt with via Fast-Track when it has been approved in the international phase. The applicants will then receive an examination report within two months - under current timescales this can take more than 18 months. This report will either approve the application or detail any changes needed before a UK patent can be granted. This ‘fast track’ seems to have many benefits for not just the short term patents ‘backlog and journey’, but has the potential to turn ideas and innovation into products and jobs more quickly. It will be interesting to see if any other countries follow suit sooner rather than later and I will have my eyes peeled to the Intellectual property Office for the next wee while (http://www.ipo.gov.uk/home.htm).

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