The Peruvian PTO –INDECOPI- has earned bragging rights due to its achievements in promotion of intellectual property for domestic applicants and speeding up the processing times for registration applications. This is not only good news for the Peruvian economy and entrepreneurs but for foreign applicants as well: With increased promotion of IP rights you will rapidly create a business community that is more aware of the importance of intellectual property, of the business possibilities of licensing and IP trading, and more respectful of others’ assets. This is a win-win situation.

Who are the applicants?

A 40% increase in domestic patent applications within a year is impressive growth. The Peruvian PTO has reported the receipt of 275 applications from domestic applicants in 2014, with 83 being patents of invention and 192 utility models.

While the increase in applications from Universities and Research Centers are encouraging news, it is worth noting that individuals are still the main drivers of growth in domestic patent applications, contrary to the worldwide trends in patent applications. With the increasing complexity and steep costs of conducting cutting-edge research and development, it is the research centers and the companies that provide the logistics and financial support required for sustained innovation worth patenting. For this reason, if Peru aims at continuing this growth trend it would do well in encouraging research center and domestic companies to invest in R&D, and make use of the talent of the wide pool of inventors currently applying for patents in the country.

With 275 patent applications from domestic applicants Peru is becoming a regional leader in promotion of domestic IP assets, catching up to comparable regional economies such as Chile, Colombia and Argentina.

The Peruvian PTO has also been quick to point out that this growth is not a matter of luck, but of focused efforts and heavy investment of time and resources in promotion of the importance of IP assets. This includes the Annual Convention of Patents and Inventions –CNAPI-, the National Competition of Inventors, the Quick Patent or “Patente Rápida” program that we have mentioned before in this blog, and a series of seminars and informational newsletter that have been widely distributed to key actors in the Peruvian economy. Finally, and most importantly, the Peruvian PTO has decided to promote the Patent Cooperation Treaty –PCT- among domestic applicants, a key tool in translating Granted Patents into Profitable Assets.

The quicker the better

In addition to receiving ever more applications, the Peruvian PTO has also reported a 38% increased in concluded patent applications (from 774 cases in 2013 to 1065 cases in 2014). With processing times reduced to 38.82 months in 2014. This is one of the shortest processing times for patent applications in the Latin American region.

In sum: Well done Peru! Keep up the good work.