British companies risk losing billions by neglecting foreign patents

British companies are missing out on billions of pounds in potential revenue by not pursuing international patents as aggressively as their competitors in other countries, industry experts have warned.

A report from the Chartered Institute of Patent Attorneys (CIPA) shows that British companies are filing patents in crucial markets such as Europe and China at rates up to 40% lower than their French and German counterparts. The World Intellectual Property Organization (WIPO) also ranks Britain between 16th and 20th in its Global Innovation Index, particularly on metrics related to patents, highlighting the country’s underperformance in this area.

This worrying trend indicates that British companies and entrepreneurs are not adequately protecting their inventions and discoveries on the world stage. According to the Society of Chemical Industry, this oversight could cost the UK billions of pounds in lost revenue as other countries take the lead in science and technology-based applications. Sharon Todd, the association’s chief executive, warns that the lack of UK patent applications is a clear sign that the country’s science-based industries are under pressure. “We risk losing billions in value to our international competitors,” she said.

The new government is urged to urgently address this issue, with calls for closer cooperation with industry to resolve patent protection challenges. Todd highlighted the need for Britain to remain competitive in sectors such as green technology, new medicines and food production, which are crucial for economic growth and job creation. The Society of Chemical Industry is calling for the creation of a ‘science and innovation growth council’ to provide the government with expert advice on policies needed to support innovative industries.

Matt Dixon, president of CIPA, confirmed the institute’s commitment to working with the government to tackle the UK’s patent shortage. He stressed that only through close cooperation between businesses and government can Britain benefit from the economic opportunities provided by intellectual property and patent protection.

Founded in 1882, the Chartered Institute of Patent Attorneys is the largest intellectual property organization in Britain, representing more than 4,500 members, including 1,100 trainee patent attorneys. The institute plays a crucial role in supporting small and medium-sized enterprises, universities and large corporations in protecting their innovative technologies worldwide.