By Max Clarke
Intellectual property rights protect a staggering £65 billion of investment each year, Minister for Intellectual Property, Baroness Wilcox today announced.
Two new reports published today, entitled ‘The Role of Intellectual Property Rights in the UK Market Sector’ and ‘Film, Television & Radio, Books, Music and Art: UK Investment in Artistic Originals’ commissioned by the Intellectual Property Office (IPO), highlight that more money than ever before is being invested in products and services that have protection in copyright, designs, patents and trade marks.
“These reports show that business investment in intellectual property rights has more than doubled since 1990 and were worth at least £65 billion in 2008, a figure which is expected to continue to grow. This is a significant amount of growth and it’s important that this investment continues to build over the coming years.,” said Baroness Wilcox.
The reports also show that £3 billion of copyright investment is not included in National Accounts, meaning that a substantial amount of money is not accounted for in the value of intellectual property growth. The IPO is now working with the Office of National Statistics (ONS) to factor that into Gross Domestic Product (GDP) in 2012.
Baroness Wilcox was in the city to find out how the University of Nottingham and low carbon company 4energy have benefited from protecting their intellectual property. The first stop was at the University’s Technology Demonstrator, which is a showcase for local businesses interested in getting their technology licensed for commercial development.
The IPO are now working alongside the Office for National Statistics to provide these figures on a annual basis and highlight the growth of intellectual property in the market sector. The two reports have been released today and full details can be found on the IPO website www.ipo.gov.uk.
Join us on