Intellectual property priorities - Unlocking the EU's intangible assets potential

Introduction

To deliver for society, the European Union (EU) needs strong companies as much as European companies need a strong European Union (see BusinessEurope Stronger Business Stronger Europe strategy). During the coming political cycle, it is crucial to improve Europe’s competitiveness and attractiveness.

Intellectual property (IP) policy is key for making that happen. EU competitiveness can only be unlocked using different tools and policies and intangible assets are an unavoidable element for any developed economy. Intangible assets are essential for innovation, and some go to the extent of naming it a form of currency. Intellectual property and innovation should be part of the conversation on competitiveness that is so much centering EU institutions’ priorities for the coming 5 years. Intellectual property activity is an indicator of innovation performance of a company and the economy. A renewed focus on innovation and the development of intellectual assets would allow European and European-based companies to benefit from the resulting gains in productivity and acquire an advantage over international competitors.

For European companies to continue innovating and delivering enabling technologies in all fields, including in green and digital transition, they need rules and a framework on intellectual property that are fit for purpose. We welcome that the recent Draghi report highlights that Europe is failing to translate innovation into commercialisation for which intellectual property is a key element.

It is also necessary to ensure that investments in research and innovation (R&I) are made. Legal uncertainty, the potential dilution of IP rights, and the lack of emphasis given by decision-makers on IP issues may drive investments away from Europe.