It’s imperative to rise in the Life Sciences and Global Innovation Index
Increasing and improving the quality of life sciences innovation in the country is mission-critical if we want our people to thrive and achieve a successful way of life.
However, the life sciences, which include pharmaceuticals and medical technologies, is a complex sector heavily dependent on large capital due to the intensity of the research needed and the cost of development.
The entire process, from research to commercialization, could take more than a decade, if not decades. Moreover, manufacturers are exposed to high risks, such as if field trials do not yield favorable results or if a product fails to meet regulatory standards.
How then can we boost innovation outputs in this high risk and capital intensive sector?
This was the question hanging over everyone’s head at the Asian Regional Conference in Support of Accelerated Life Sciences Innovation which IPOPHL and the World Intellectual Property Organization held earlier this September. In the Philippines, what we want is to sustain the momentum as patenting in life sciences has been growing over the years.
Our data show that patent filings in the pharmaceutical sector have been growing by over 4 percent annually since 2020.
Success in boosting life sciences innovation, as shown by the experiences of various countries, depends on robust incentives for research and development, a strong and balanced patent system and an effective rule of law.
Another important factor is the establishment of trust among crucial players in the life sciences value chain, allowing them to collaborate and co-create. In fact, it was collaboration that paved the way for the world’s new and brave story of survival and recovery from the Covid-19 pandemic.
In his opening remarks, Alejandro Campaña, senior director at WIPO’s IP for Innovators Department, highlighted collaboration as making possible the development and launch of vaccines in one and a half years, a far cry from the average 10 to 15 years.
This was supported by WIPO’s patent applications data in which almost a quarter named more than one inventor as the patent holder.
Rising in the GII
In the Philippines, collaboration takes center stage in our innovation efforts with the creation of the National Innovation Council, created by the Philippine Innovation Act of 2019.
The 25-member NIC, which IPOPHL is a member of, aims to transform Philippine innovation with more and better quality outputs. It also aims to elevate the country’s ranking in the Global Innovation Index from 59th to the top third of economies.
The 16th edition of WIPO’s GII will be released on Wednesday, 27 September, during a hybrid event from 13:30 to 15:30 p.m. CEST (Geneva time). Centered on a very timely theme, “Innovation in the face of uncertainty,” the report will be discussed in greater detail in a panel discussion which will also talk about the way forward for global innovation.
Aside from driving innovation in an imperative sector like the life sciences, the Philippines has been relentless in making the country’s overall innovation ecosystem more vibrant and productive. Our efforts must be reflected and justified in this next GII report where we hope to see the Philippines rise up and soar.
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