Patent filings slipped last year by nearly 2% in the first fall in 14 years amid economic uncertainty, the U.N. patent agency said on Thursday, in a move it described as "concerning".

The World Intellectual Property Organization, which oversees a system for countries to share recognition of patents, reported 272,600 filings in 2023 which was a 1.8% decline from the previous year.

"I think it is really a broader reflection of what's going on in the innovation economy. And I think to some extent, it is concerning...," WIPO chief economist Carsten Fink told reporters.

"Innovation, technological progress is what generates future economic growth, future jobs, and I think, policymakers need to make sure that there is an innovation ecosystem that is vibrant and...generates the, the seeds of future growth."

From Reuters

March 7th, 2024