An increase in pharmaceutical filings is helping the industry continue to grow, according to new figures released by the European Patent Office (EPO).
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The industry saw 7,441 patents filed in 2018, an increase of 13.9% compared to the previous year’s 6,534 patents. According to the EPO, it’s the second consecutive year of double-digit growth in pharmaceutical filings.
The latest report by the EPO shows that the medtech space overall is experiencing positive growth; with the most categories for new patents including medical technology, digital communications and electrical machinery.
The UK’s pace of innovation has also increase compared to past years, with patent filings up 7.8%. Specifically, the UK’s pharmaceutical industry has seen significant growth with an increase of 20.3%, whereas the country’s biotech sector has grown 12.1%.
Paul Chapman, a partner at intellectual property firm Marks & Clerk, said: “Ever longer lifespans and the healthcare challenges they bring are leading to significant innovation in the fields of pharmacology and biotech. Alongside this, new technologies such as AI are aiding drug discovery and facilitating ever greater levels of innovation. The latest figures from the EPO reveal impressive growth in these fields, with applications from the UK alone up more than a fifth.
“Innovation in these fields promises novel solutions to some of the most pressing health challenges of our time, and also the emergence of new, world beating companies. It is vital that this innovation is protected, and the research underpinning it incentivised, with strong intellectual property protection.
“This will be key as this sector continues to grow and export its technology to the wider world.”
Commenting on the UK’s growth, Karl Barnfather, chairman of European intellectual property firm, Withers & Rogers, said: “This is a strong step up for the UK and indicates that businesses are continuing to focus on innovation activity, despite the challenging trading conditions. Whilst the headline figures are positive, there is still room for improvement however. Businesses in Germany are filing four times as many patent applications in Europe as businesses in the UK and France businesses in France are filing double.
“Underlying the EPO’s latest statistics, there is a significant disparity in UK investment in R&D, compared to other nations. In the UK, investment in R&D equates to 1.7% of GDP - significantly lower than in Germany, where it is 2.9% of GDP, the US where it is 2.7% of GDP and France where it is 2.2% of GDP. The UK Government’s commitment to raise R&D investment to 2.4% of GDP by 2027 is an attempt to close the gap, but the UK is playing catch up.
“Further investment in R&D is needed to place the UK at the forefront of the current technological revolution, which is bringing sweeping cross-industry changes.”