The Australian Intellectual Property Report 2022 was released in April 2022 by IP Australia. The report highlights an increase in pharmaceutical patent filings due to the COVID-19 pandemic, as well as a significant rise in filings relating to computer and audiovisual technology, and trademark and design filings for home and workspaces. The report also notes that IP activity is a significant forward indicator of employment growth for Australian SMEs. The report highlights an 11% growth in patent applications in 2021, with over 90% of applications coming from overseas. The decline in the filing of provisional applications over the past decade is of major concern, as it would seem that fewer and fewer Australian innovations are being developed and protected. With the phase-out of the innovation patent system in August 2021, there was a dramatic increase in the demand for innovation patents. Australian SMEs must be aware of the importance of filing for IP rights, as they are more likely to achieve high growth than their peers and pay a higher median annual wage.
Business owners in Australia must keep up to date with IP trends to ensure they are not missing out on opportunities to protect their intellectual property. They must be proactive in filing for IP rights to prevent others from copying their products or services. Additionally, they must take steps to ensure they are not infringing on the intellectual property rights of others. Business owners should be cautious when developing new products or services and must conduct a thorough search to ensure that they are not infringing on existing IP rights.
The decline in the filing of provisional applications is of significant concern as it suggests that fewer Australian innovations are being developed and protected. Business owners must take note of this trend and ensure they are not missing out on opportunities to protect their intellectual property. With the phase-out of the innovation patent system in August 2021, business owners must be aware of the increase in the demand for innovation patents and must consider filing for one if their innovation meets the criteria.
In conclusion, the Australian Intellectual Property Report 2022 highlights the importance of IP rights for Australian SMEs. Business owners must be aware of the latest IP trends and must take proactive steps to protect their intellectual property. Mark Gustavsson and Associates can provide business owners with the necessary advice and information they need to protect their intellectual property rights.