One of the objectives of the Australian innovation patent system is to stimulate innovation in Australian small to medium enterprises. An innovation patent requires a lower level of innovation than the standard patent and provides an eight-year monopoly and equal remedies to a standard patent, and has a number of benefits, as discussed in our recent post.
In 2011, the Advisory Council on Intellectual Property (ACIP) was tasked with reviewing effectiveness of the system in stimulating innovation. The final report of the Review of the Innovation Patent System was released in 2014, and is available here.
While the initial recommendations (summarised here) did not propose to abolish the system, following an economic research paper form IP Australia earlier this year, ACIP recommended the Government consider abolishing the innovation patent system entirely.
IP Australia has now released a Consultation Paper seeking stakeholder views on the revised recommendation by ACIP that the Government should consider abolishing the innovation patent system.
The Paper seeks views from interested stakeholders on:
- ACIP’s revised recommendation; and
- Any alternate suggestions to encourage innovation amongst small to medium enterprises (SMEs).
More information on IP Australia’s consultation, and a copy of the Consultation Paper is available via their website.