At Rocklaw, we understand the significance of the numbers in the world of intellectual property. In 2020, patent applications filed worldwide grew by 4%, with China leading the way by filing over 68,000 applications for the tenth consecutive year, according to the World Intellectual Property Organization (WIPO). This growth highlights the increasing importance of protecting intellectual property in an ever-evolving global economy.
Unfortunately, counterfeiting and piracy continue to threaten legitimate businesses, with a report by the International Chamber of Commerce estimating that these activities could cost the global economy up to $4.2 trillion and put 5.4 million legitimate jobs at risk by 2022. At Rock Law, we are committed to helping our clients protect their intellectual property and prevent such losses.
The U.S. Patent and Trademark Office (USPTO) issued over 352,000 patents in 2020, including a significant number of utility patents that cover new inventions and discoveries. This growth represents an increase of 1.5% from the previous year and underscores the importance of staying ahead of the competition with innovative ideas and patents.
According to the World Trade Organization (WTO), intellectual property-intensive industries, such as software, pharmaceuticals, and biotechnology, accounted for approximately 45% of the U.S. GDP and over 80% of the value of U.S. exports in 2018. At Rock Law, we understand the value of intellectual property in these industries and are dedicated to providing our clients with the legal support they need to protect their valuable assets and stay ahead of the competition.