GIPC Highlights #Opportunity4India at Event with Hudson Institute
A broad group of industry, academic and government experts gathered at the Hudson Institute this morning to share their views on India’s new National IPR Policy and India’s role in the global economy. There was general consensus that the rise of multi-lateral trade agreements will impact the growth of the Indian economy if India chooses not to participate in the ongoing conversations on the liberalization of trade and globalization. The ability of strong intellectual property protections to drive innovation and access to new technologies was the common theme of the day. GIPC Executive Director of International IP, Patrick Kilbride, opened the discussion by pointing to the fact that IP-led innovation is a proven model that has not been tested in India.
Several panelists echoed the sentiment that India has missed a series of opportunities with regard to IP and trade. Neena Shenai, Principal Global Trade Counsel for Medtronic, Inc., pointed to the domestic challenges posed by mixed messages coming from India’s government policies. As noted by Joe Welch, a Senior Vice President at 21st Century Fox, despite the open foreign direct investment policy in the Media & Entertainment sector, the economic contribution of this industry in India is a fraction of the revenue achieved in other key markets. Strengthening IP protections and aligning regulatory initiatives with the National Policy to allow for more effective monetization of copyright could catapult growth in this sector in terms of jobs, content and revenue.
Other panelists, while noting the positive aspects of India’s National IP Policy, also identified continued areas of concern hampering growth of the innovative pharmaceutical, IT and media/entertainment industries. Effective implementation and the need for substantive legislative reforms will be required to achieve the vision of Creative India: Innovative India in these key sectors. GIPC Senior Director of International IP Kalpana Reddy argued that while India works to establish itself as a knowledge driven economy where IP led innovation is an important tool for economic development and empowerment, care must be taken not to undermine laws which provide the incentive for high risk, high reward innovation.
Overall, panelists seemed to agree that the Indian Government has taken a positive first step. But, as Associate Vice President for PhRMA Amiee Aloi warned, the Indian government should not let the IPR become another policy that lacks concrete change.
Please visit the Hudson Institute’s website here for a video stream of the event.