International Intellectual Property Index 2021: Key Findings, India's position and other details

Why in News?

International Intellectual Property Index 2021 has been released recently. India has been ranked 40 among the 53 economies on the 9th IP Index. 

What is Intellectual Property Right?

IPR are the rights that are given to persons over the creations of their minds. They give the creator an exclusive right over the use of their creation for a defined time period. 

The rights of the authors of literary and artistic works like books and paintings are protected through copyrights. These are valid for 50 years only. 

Types of Intellectual Properties:

1. Copyright
2. Patent
3. Trademark
4. Trade Secret

Intellectual Property Index 2021 and India:

1. With a score of 38.40%, India ranks 40 among 53 countries globally. The theme for this year's IPR Index Report was Recovery through Ingenuity 2021. 
2. The annual Index is released by the US Chamber of Commerce Global Innovation Policy Centre (GIPC)
3. It evaluates the Intellectual Property rights in 53 global economies from patent and copyright policies to commercialization of IP assets and ratification of international treaties.
4. The overall score of India has seen an improvement from 36.04% in the 7th edition to 38.40% in the 8th one. As per the report, India has shown massive improvements over the past few years. 
5. India's most regarded sectors like advanced manufacturing, bio pharmaceuticals and creative content provide for its name to rise among the creative economies of the world. 

Findings of the Report:

1. The index uses 50 indicators which as per the industry beliefs represent the economy most effectively. 
2. The Index is also a road map for policy makers who look to support creativity, innovation and economic growth through robust policies. 
3. The overall global IP environment has seen an improvement in 2020 with positive score increase in 32 economies out of total 53. 
4. The United States, Japan and Europe are at the top of the global intellectual property rankings 2021, 
5. Emerging markets such as the UAE, China and Mexico as in the report have continued to improve their scores.
6. The 2021 Index showed improvement in the overall global IP environment despite the pandemic. 

What are the challenges faced by IP Right holders in India?

In India, the major issue the IP holders face is in the patenting process. India's policies continue to deny the patents to many innovations still.  

The ecosystem of innovators and creators could be strengthened through various reforms to clarify trade secrets protection, removal of bureaucratic barriers and passage of clean Cinematographic Law Amendments

The 2021 Index also states that the economies with the most effective UP frameworks are likely to achieve socio-economic benefits needed to combat corona virus. They are also said to benefit in clinical trial activities by 10 times through increased research and development.