Patents In Singapore

Patents In Singapore As Critical Business Assets

In recent years we have witnessed how world economies shifted their priorities in terms of what primarily fuels their growth. The service industry is nowadays flourishing, thus gradually dethroning the manufacturing industry from its position as the primary driver of strong and robust economies.

Modern societies deeply rely on information technology. This has brought tremendous changes in how businesses operate and how people conduct their everyday lives.

Economic Importance Of Patents In Singapore

The importance given to intellectual property by influential economies is one of the many changes that businesses have to deal with. Indeed, much has been said about IP law and how nations can benefit from it.

But for a country that already takes pride in its robust economy without depending much on intangible assets, is it necessary to strengthen its IP system? This is the unique case of Singapore.

Well it’s worth noting that Singapore has already undergone a transition from the old order economy that chiefly relies on tangible assets to an economy that pays real value for intellectual creations, including patents.

Facts About Patents In Singapore

Laws concerning patents in Singapore are thus relatively new. The independent patent system in Singapore was only established in 1995. Prior to this date, people seeking patent rights in Singapore had to undergo the tedious, time-consuming and costly process of registering patents in Singapore since the country adopted the patent by importation system.

This means that registration for patents in Singapore is dependent on the granting of the patent in the United Kingdom.

Changes Needed For Patents In Singapore

Singapore realized the need to create its own patent system in order to get access to international patent treaties. Hence, the Patents Act 1995 (Amendment of the Patent Acts 1994) was established.

The amendments are still patterned to the United Kingdom Patents Act of 1997. The country needs though to consider more factors (although the amendments are far ranging) to ensure balance of interests between the business community and the public.