Singapore has consistently ranked no.1 in Asia since 2015, for its commitment to strengthening its Intellectual Property rights protection and creating awareness of the value of Intellectual Property. Globally, from amongst 129 countries, it has come in 4th position behind Finland, Switzerland and New Zealand, according to the International Property Rights Index (IPRI) 2019 report. This publication issued by Property Rights Alliance, an American organization dedicated to property rights across the map, determines the robustness of property rights across three categories:
1. Legal and Protection Environment
2. Physical Property Rights
3. Intellectual Property Rights
It uses official data from across various international organizations and case studies.
The Intellectual Property Office of Singapore (IPOS), a government agency under the Ministry of Law, maintains very high standards and is continually innovating and encouraging businesses to use Intellectual Property for growth using for example artificial intelligence during the examination process to perform image searches.
Singapore continues to maintain its high IP standards, regardless of international pressure from certain quarters that seek to achieve ‘balance’ between access and affordability of products. Brands carry the promise of quality, and customers are quick to impart a reputation based on this quality. Any dip in quality can risk a lowering of sales because customers remember brands and will not buy from them again. This keeps brands motivated to deliver quality products – but they charge more for this higher quality, which garners a greater demand. When companies cannot trademark their brands, this incentive to provide quality products is lost, and counterfeiters can easily replicate packaging as well.
Strong intellectual property rights keep brands protected and give customers access to products of high value.
IPOS, Singapore, continues to carry out various initiatives that aim to help businesses and individuals use intellectual property.
Singapore’s commitment to IP rights protection and its good reputation in this regard mostly comes from its government having recognized that a strong IP environment is an important part of its economic policy. In fact, companies such as Proctor & Gamble cite the country’s strong intellectual property rights protection as a factor in choosing Singapore for business investment and R&D.
The country continues to be a thought leader in the realm of IP, with industry representatives and government agency leaders from countries like Myanmar and Mongolia having visited Singapore to learn more about IP protection, IP administration and its role in the economy.
At IPHub Asia, we help businesses with trademark search and registration, design protection and IP maintenance. Contact us to learn more about intellectual property rights protection and for any other information you may need. You can also visit our website to learn about us and our services.