Patent registration decreased in 2023 for the first time in 14 years, according to the UN

The record of international patents fell last year for the first time in 14 years, due to higher interest rates and economic uncertainty, the UN.

In total, 272,600 international patents were registered in 2023, a reduction of 1.8% compared to the previous year, the UN World Intellectual Property Organization (WIPO) indicated in its annual report.

READ ALSO: Final Fantasy XIV will arrive on Xbox on March 21 and will have Starter Edition for Game Pass Ultimate

“We believe this reflects the currently unfavorable environment for innovation and business activity,” WIPO chief economist Carsten Fink said at a press conference in Geneva.

Economic uncertainty and especially the rise in interest rates are considered the main reasons for this decline.

But, according to Fink, it is a “cyclical” phenomenon linked to the current situation.

There will be more patent registrations “when the external environment improves,” he explained.

For patents filed within the framework of the Patent Cooperation Treaty (PCT), China leads the list, with 69,610 registrations, a figure down 0.6% compared to 2022.

The United States also fell, more markedly, with a decrease of 5.3%, but remains in second position with 55,678 patents.

India recorded a dramatic increase (+44.6%) but the total remains modest (3,791).

Source: Elcomercio

Callum

I have worked in the news industry for over 10 years. I have a vast amount of experience in writing and reporting. I have also worked as an author for a number of years, writing about technology and other topics.

I am a highly skilled and experienced journalist, with a keen eye for detail. I am also an excellent communicator, with superb writing skills. I am passionate about technology and its impact on our world. I am also very interested in current affairs and the latest news stories.

I am a hardworking and dedicated professional, who always strives to produce the best possible work. I am also a team player, who is always willing to help out others.