The Government has announced that it intends to embark on a major overhaul of the UK’s intellectual property laws.
The moves could add billions to the UK economy, the Government claimed.
Responding to the findings of the Hargreaves’ Review, Vince Cable, the Business Secretary said: “The Government is focused on boosting growth and the Hargreaves review highlighted the potential to grow the UK economy.
“By creating a more open intellectual property system it will allow innovative businesses to develop new products and services which will be able to compete fairly in the UK’s thriving markets for consumer equipment.”
There will be a number of anticipated changes to the rules governing intellectual property.
Among them, the UK could have a digital market place where licences in copyright content can be bought and sold.
And an exception to copyright for search and analysis techniques, known as ‘text and data mining’, could be introduced, allowing research scientists, such as medical researchers, greater access to data.
Meanwhile, the Government has strengthened the Intellectual Property Office’s economics team and has begun a programme of research to highlight growth opportunities.
Guy Bailey, principal policy adviser at the CBI, commented: “A simple, effective IP regime is particularly important for smaller firms lacking the capacity that larger businesses have to protect and profit from their ideas. The Government’s recognition that they need to reach out to small businesses is a welcome provision within the broader package of proposals.”
Matthew Fell, the CBI’s director of competitive markets, added: “An effective intellectual property regime is essential for driving growth in modern economies.
“While these proposals help bring IP law up to date with modern day realities, driven by rapidly evolving technologies, some recommendations risk undermining investment in content.
“While we accept that some patent thickets can present barriers to innovation and growth, the Government must avoid action that will undermine genuine patent clusters.”
