Pandemic Speeds Innovation Shift To Asia: UN
Faizan Hashmi 1 month ago Mon 20th September 2021 | 05:20 PM
"The pandemic has accelerated the long-term geographical shift of innovation activities toward Asia, even if Northern America and Europe continue to host some of the world's leading innovators," said WIPO.
While the top four in the global rankings remained the same as last year -- with Switzerland leading for the 11th year running followed by Sweden, the United States and Britain -- South Korea leapt five places to fifth.
The index found "substantial increases in brand values in Korea, in trademarks being filed, but also in cultural and creative services exports," index co-editor Sacha Wunsch-Vincent told reporters, citing the K-Pop phenomenon.
Wunsch-Vincent said the country's innovation players were individually strong and China was now trying to connect them better "so that public research feeds into commercial innovation".
"Beyond China, these four particularly large economies together have the potential to change the global innovation landscape for good," WIPO said.
WIPO's index found that countries and businesses increased investments in innovation despite the Covid-19 crisis, in a bid to stimulate post-pandemic economic growth.
Scientific output, research and development, IP filings and venture capital deals continued to grow in 2020.
Companies whose innovations revolved around measures to contain the pandemic and its effects -- particularly pharmaceuticals and information technology -- redoubled their innovation investments.
"Many sectors have shown remarkable resilience -- especially those that have embraced digitalisation, technology and innovation," said WIPO director general Daren Tang.
"As the world looks to rebuild from the pandemic, we know that innovation is integral to overcoming the common challenges that we face."Wunsch-Vincent highlighted that beyond top research and development spenders such as Australia, Germany, Japan and the United States, which all increased investments, "seven out of 10 economies still devote less than one percent of GDP to R&D".