HYDERABAD: Indian patenting system needs improvement in terms of efficiency, fast processing and modernity, said NN Prasad, executive director, World Intellectual Property Organisation (WIPO) at a seminar organised by the Confederation of Indian Industry and the AP Technology Development Centre.
The Geneva-headquartered WIPO helps assists member-countries in legal and technical matters pertaining to intellectual property.
On the sidelines of the seminar on monetising and managing IP assets, Prasad said, “The Indian patenting system has improved in the last six years, but it needs to improve the processing time faster so that the applicant derives benefit out of his patent quicker. Our system needs to be faster, more modern and more efficient.”
The primary challenge is to modernise the Indian system in order to carry out more effective and extensive search of both domestic and international patents before granting a patent.
The present Indian scenario looks positive in terms of number of applications for patents and approvals, he added.