Commerce’s United States Patent and Trademark Office (USPTO) and the UK Intellectual Property Office (UKIPO) today agreed to develop an action plan for reducing patent processing backlogs in both offices. Patent backlogs hinder the deployment of innovation and have clear adverse effects on the global economy. According to a study by London Economics released on behalf of the UKIPO, the first study that attempts to quantify the economic impact of patent backlogs, the cost to the global economy of the delay in processing patent applications may be as much as £7.65 ($11.4) billion each year. (More)
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