BUSINESS secretary Vince Cable will today unveil new intellectual property proposals in a bid to encourage innovation.
The Liberal Democrat MP will put forward a range of changes to how the Intellectual Property Office (IPO) operates. These will include a “superfast” system for awarding patents and a crackdown on intellectual property crime.
“Our creativity, our openness to and talent for innovation, is a key pillar of our return to robust growth. So it is right we work to create the environment in which creative, innovative businesses of all shapes and sizes flourish,” Cable will say this morning in London.
“A vital part of getting this is making sure that the intellectual property landscape encourages and cements success and growth. The new vision for how we support businesses and consumers is central to achieving this.”
Cable will refer to the plans as a “step change” in the way the IPO operates, moving from simply granting intellectual property rights to encouraging innovation.
The move is likely to boost the growing technology businesses clustered in east London, as well as bringing patented drugs onto the market more quickly.