Innovative Cheshire businesses are set to benefit from planned changes to the intellectual property (IP) law announced this week.
The modernisation of IP legislation will enable companies to develop new products and offer services that can successfully compete in the current market.
The plans follow the results of an independent review carried out by Professor Hargreaves which highlighted extensive room for economical growth and estimations that it could be boosted by up to £7.9bn.
The creation of a 'Digital marketplace' to buy and sell copyright licenses is one of the potential introductions which could see an extra £2bn a year generated in Britain. Internationally, a strategy has been devised which over the next five years aims to support innovation and growth in international IP as well as overcome the patent backlogs costing over £7bn a year across the globe.
Joanne Shelley, Partner and Head of Company Commercial at leading Chester law firm Hillyer McKeown LLP said: “This announcement shows a real commitment to ensuring the UK adopts a more open IP system. This will help to promote innovation and economic growth both locally and nationally and bring IP law in line with how business and consumers operate in today’s digital environment.”
