Speaking at the CII’s 9th International Conference on IPR, Pandit underscored India’s dedication to IPR-led growth and noted the growing importance of Geographical Indications (GIs) in stimulating economic development.

Emphasizing the need for industry-academia collaboration on intellectual property, Pandit cited the government’s focus on fostering economic reform and development through IPRs.

Masanori Katsura, deputy commissioner of the Japan Patent Office, addressed the conference, saying India has huge potential in areas like digitalization, green energy, and semiconductors, and anticipated an uptick in progress through international partnerships. Katsura highlighted the critical role of adequately protecting IPRs to encourage innovative collaborations.

The event also saw the unveiling of four thought leadership reports addressing IPR issues in the pharmaceutical and manufacturing sectors, as well as GI booklets for Madhya Pradesh and Gujarat.

The pharmaceutical report forecast the sector’s growth to exceed $372 billion by 2024, expanding at a compound annual growth rate (CAGR) of 22.4%. It also estimated the medical device market reaching $25 billion. The report calls for revised guidelines on pharmaceutical, biological, and radiopharmaceutical inventions to address current IPR concerns.

The report on IPR report on manufacturing underscored the contributions of the sector to India’s GDP growth and employment generation, at 15% and 12% respectively.

It highlighted common IPR issues in manufacturing in India and proposed recommendations to help address the key needs of the IPR ecosystem.

These GI booklets for Madhya Pradesh and Gujarat, in line with the government’s mission of ‘Vocal for Local’ and ‘One District- One Product’, will help promote and encourage local artisans and craftsmen.

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Updated: 20 Nov 2023, 07:56 PM IST