China’s State Intellectual Property Office posted a statement today on their site titled “Turning More Patents into Profits”, detailing some of the reasons why China has such a high patent application rate, but such a low transformation rate. Transformation, of course, means turning the patent into a product and a source for obtaining cash. Of note was a quick mention of amendments to China’s Patent Law, which are currently in the works and expected to take effect on October 1. According to Zhang Qin, deputy commissioner of the State Intellectual Property Office, the process of turning a patent into profit in China needs an overhaul of corporate administration:
“This requires a variety of technical facilities and relative technologies, and market research should follow the process until the products enter the market. The whole program needs a system, which lots of Chinese companies are still lacking . . . [t]he transfer of patents to technology is a process of venture capital investment . . .”
Read the rest of the piece HERE.