South Korean Intellectual Property Office upgraded to Ministry

Do India need to closely monitor this strategic reorganization move by the government!

- VIKAS ASAWAT

Recently, South Korea, the country that holds fourth position in Global Innovation Index just after Switzerland, Sweden & USA, has witnessed an observable development as they have upgraded their Intellectual Property (IP) Office to Ministry level reporting directly to the Prime Minister. The strategic move aims to establish centralized control to formulate, monitor and coordinate all IP Acts, operations and policies along with administration and management of Patents, Utility Mode, Trademark (TM) and Design Rights. Korea is already in a position where the role and significance of IP in the economy and society is not a mystery and sounds like a routine logical progression to majority. A key reform is the establishment of the IP Dispute Response Bureau, upgraded from a division to a bureau-level entity for timely and coordinated national responses to IP dis-

putes. The Korean shift reflects a clear message that IP which now stands at 13.6% of global GDP is not merely a legal and regulatory tool, it's a strategic asset for innovation management, creative capital and global competitiveness.