Failure to act on UPC will see Ireland miss substantial opportunities for economic growth
Ibec, the group that represents Irish business, has called on Government to immediately set out a timetable for Ireland’s ratification of the Unified Patent Court Agreement.
Appearing before the Joint Oireachtas Committee on Business, Enterprise and Employment earlier today, Ibec said that a failure to urgently act risks seeing Ireland miss out substantial opportunities for economic growth.
In his statement to the Committee, Chair of the Ibec Corporate Intellectual Property Group Naoise Gaffney said: “The business case for Ireland’s participation in the Unified Patent Court (UPC) has gotten stronger since it was first examined almost a decade ago. Ireland is uniquely positioned to establish itself on the international stage as a patent enforcement hotspot.
“An attractive and timely-established Local Division in Dublin will support the further expansion of the patent-intensive sectors across the country, creating jobs, benefitting SMEs, and boosting Ireland’s innovation performance. This is expected to contribute at least €415m or 0.13% in GDP growth per annum. It could rise to as much as €1.663bn or 0.5% in GDP growth. There will also be increased expenditure and employment in legal, professional, and other technical advisory services.”
Ibec Head of Enterprise and Regulatory Affairs Policy, Aidan Sweeney warned however that such opportunities are highly time sensitive. He outlined: “Ireland is already far behind other countries in preparing for the UPC, and if we stay the current course, we risk missing out on these growth opportunities completely.
“The timetable for Ireland’s ratification of the UPCA, including referendum date, must reflect greater urgency so that Ireland does not miss out on significant economic and employment benefits that timely participation offers.”