Innovation is the key to the progression of any country. Every country needs to develop an innovative ecosystem for its holistic growth. The countries are improving their political environment, education, infrastructure, and knowledge creation so that more and more innovative startups can be developed to boost the economy. Intellectual Property Rights play a pivotal role in protecting innovation for more benefits. The report as released by WIPO clearly shows that China (68,720 applications, +16.1% year-on-year growth) remained the largest user of WIPO’s PCT System, followed by the U.S. (59,230 applications, +3%), Japan (50,520 applications, -4.1%), the Republic of Korea (20,060 applications, +5.2%) and Germany (18,643 applications, -3.7%). Thus, it can endeavor that Intellectual property rights have a direct impact on nation's growth and capital generation.
The nations are looking out for technological solutions for problems related to safe drinking water, cleaner air, soil reclamation, energy conservation, and more. The world is looking out for technologies, which are sustainable, and environment-friendly.