As per Thomson Reuter’s analysis of global patents, the life sciences industry is attaining increasing succession over technology-based sectors in terms of driving global innovation.
The year 2014 has been full of patents application and successful grants than any other year in the history. This reflects the ingenious nature of civilization with relevance to few examples like designing driverless cars, discovering new drugs for cancer or building bionic limbs.
Nevertheless, a slow growth in innovation has been observed with worldwide patent volume up 3% last year, the smallest annual rise since the end of the global recession in 2009. Whereas, previously, nearly double-digit percentage increase has been recorded. One plausible reason for such a behavior could be tighter patenting rules in the US.
A significant drop in patents for semiconductors to 5% in 2014 might create unseen problems for various technology-oriented applications. Pharmaceuticals and biotechnology sectors have demonstrated remarkable patent growth in 2014 by 12 and 7%, respectively, according to the published 2015 State of Innovation report. Amusingly, Samsung, which is among the top 25 patent assignees in South Korean group wants the consumers to acquire Samsung-manufactured prescription drugs, consume Samsung energy drinks and wear Samsung make-up apart from watching a Samsung TV and using a Samsung phone.
Chinese companies like Huawei and ZTE have also experienced a rising force in the patenting background.