It took 50 years of discussions, but finally, from June 1, companies will be able to rely on a single European patent. This was reminded by Thierry Breton, EU Commissioner for the Internal Market, at a press conference in Brussels where he presented proposals for new legislation to promote innovation in the European industry.
Patents are “a technical issue, but crucial to the innovation and productivity of our businesses – Europe is the cradle of some innovations, such as mRna vaccines and tools to protect their inventions: On June 1, after almost 50 years of debate, the unitary patent will finally become a reality”.
A single European patent will allow the inventor to submit a single central application for concession in a language chosen from English, French or German. Once the patent is approved, it will automatically be valid in all participating countries (currently 17). So far, the procedures foresee various bureaucratic steps, which include the need for the patent to be approved in each EU country where it wishes to operate. The cost of a patent valid in the 28 member states of the EU is around 36,000 euros, of which 23,000 are translation costs alone. Also, to limit costs, many companies choose to patent their inventions in only a few countries, exposing them to greater risk of being copied. According to Breton, the cost will drop to 5 thousand euros with a single patent.
The Commissioner also presented new proposals on the subject: these include the creation of a registry of key standard patents covering 5g, wifi, bluetooth and other key technologies for the EU industry, a common database and companies’ “fair, reasonable and non-discriminatory” payments and curbing copyright wars. . These rules, Brussels underlines, aim to “help companies, especially SMEs, make the most of their inventions and new technologies and contribute to the competitiveness and technological dominance of the EU”.
The Commission recalls that intangible assets such as brands, designs, patents and data are becoming increasingly important in today’s information economy. Intellectual property is a key driver of economic growth as it helps companies derive value from their intangible assets. Intellectual property-intensive industries account for almost half of all EU GDP and more than 90% of all EU exports. In the 2017-2019 period, almost 76% of intra-EU trade was provided by patent-intensive industries.
Today’s proposals will complement the Unitary Patent system, which will be operational from June 1. The starting points are the existing provisions and principles of international and EU intellectual property law, but each aims to make the patent system more effective by further eliminating the fragmentation of the single market, reducing bureaucracy and increasing ‘efficiency’. This robust patent framework will allow economic operators and authorities to better protect innovation while ensuring fair access, even in emergencies.
Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
