World Intellectual Property Indicators (WIPI) Report 2024

Why in News?

The World Intellectual Property Organization (WIPO) has published the World Intellectual Property Indicators (WIPI) Report 2024, highlighting global trends in intellectual property (IP) filings.

Key Points:

• According to the report, India has made significant progress in the global intellectual property (IP) landscape.
• Ranked among the top 10 countries for patents, trademarks and industrial designs.
• India now ranks 6th globally with 64,480 patent applications.
• More than half (55.2%) of these applications came from domestic applicants, a first for the country.
• India granted 149.4% more patents in the year 2023 compared to the previous year.
• India’s industrial design sector also saw significant growth, with applications increasing by 36.4%.
• Trademark filings in India increased by 6.1% in 2023.
• India ranks fourth worldwide in terms of trademarks.
  • Nearly 90% of these filings are from domestic businesses.
• The Trademark Office of India now holds the second-largest number of active trademark registrations worldwide.
  • It has more than 3.2 million trademarks in effect.
• Patent and industrial design applications more than doubled between 2018 and 2023.
  • At the same time, trademark filing increased by 60%.

Patents, trademarks, and industrial designs:

• These are different aspects of intellectual property.
• These legal tools help businesses profit from their creations.

Patent:

• Through this, an invention gets protection that solves a problem.
• The duration of a patent is 20 years.

Trademark:

• Protects brand identity.
• It is associated with symbols, words, logos, or marks.
• The term of a trademark is 10 years.
• It can be extended for another 10 years, for an additional fee.

Industrial Design:

• Protects the appearance or aesthetic features of a product.
• Industrial design includes both two-dimensional and three-dimensional features.
• The term of industrial design is 10 years + 5 years.

 Note: World Intellectual Property Day is celebrated every year on 26 April.