The latest World Economic Forum’s (WEF) Global Competitiveness Report showed that SINGAPORE has retained its ranking as top in Asia and second in the world for intellectual property (IP) protection for the fourth time.
Greater quality assurance of patents granted in Singapore is also a positive contributor to a thriving economy. Through the building of an indigenous patent search and examination unit comprising largely scientists of PhD qualification, and a fundamental upgrade of Singapore’s Patents Act, Singapore has maintained steady progress to ensure that the country’s practices are aligned with that of established regimes in the likes of the US, UK, Japan and the European Union.
Singapore’s business-friendly IP regime has helped bolster the confidence of leading global companies such as Procter and Gamble, Continental, and Mead Johnson, all of whom have selected Singapore as their location of choice for investments in business and research & development, citing the country’s strong protection of IP rights as a factor in their decisions.
*Number of applications filed under the Patent Cooperation Treaty (PCT) per million populations.