U.S. Chamber International IP Index Shows Australia Has Opportunities to Improve its IP Environment
WASHINGTON, D.C. – The U.S. Chamber of Commerce released its 4th annual International IP Index, “Infinite Possibilities” at an event in Tokyo today, with Australia ranking 8th out of 38 economies benchmarked. The Index, produced by the U.S. Chamber’s Global Intellectual Property Center, credited Australia for the steps it has taken to bolster copyright protection by combatting online piracy. However, it also noted key gaps in patent protection – particularly regarding regulatory data protection (RDP) for biologic discoveries – that threaten to undermine the growth of this cutting-edge industry in Australia.
Overall, half of all economies measured improved their total score from last year’s Index, indicating increased recognition of the benefits of intellectual property (IP) and a strong IP system. The 38 economies benchmarked in the 2016 Index account for nearly 85% of global gross domestic product (GDP). 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.
“This year’s Index illustrates that many countries embraced the upward momentum in the global intellectual property environment, and continued to take steps to improve their IP systems,” said David Hirschmann, president and CEO of GIPC. “IP underpins the innovation we have come to expect – the new cell phone to connect with loved ones, the medical treatment to save a life, and the creative content we crave. IP creates the infrastructure to deliver new innovative technologies to markets around the world, and the U.S. Chamber Index provides economies with a roadmap to furthering this legal framework.”
“The Index was created so that countries such as Australia can hear directly from the business community on the IP-related issues important to them when considering investing in new markets said Mark Elliot, executive vice president of GIPC. “Now in its 4th edition, the Index has become a must-read for government officials in countries near and far who recognize the important connection between IP and innovation, and who wish to grow their countries knowledge-based economies. We hope that policymakers and stakeholders will agree that when it comes to strengthening innovation-based opportunities, there truly are infinite possibilities.”
The Index ranks the economies in Algeria, Argentina, Australia, Brazil, Brunei, Canada, Chile, China, Colombia, Ecuador, France, Germany, India, Indonesia, Israel, Italy, Japan, Malaysia, Mexico, New Zealand, Nigeria, Peru, Poland, Russia, Singapore, South Africa, South Korea, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates (UAE), United Kingdom (UK), United States (U.S.), Venezuela, and Vietnam.
The full Index can be viewed at http://www.theglobalipcenter.com/gipcindex.
The Chamber’s Global Intellectual Property Center is working around the world to champion intellectual property (IP) rights as vital to creating jobs, saving lives, advancing global economic growth, and generating breakthrough solutions to global challenges.