The value in the protection of intellectual property is the title of an article that was published in Fréttablaðið on 11 June 2020, written by Borghildur Erlingsdóttir, Director General of the ISIPO, Ásta S. Fjeldsted, Managing Director of the Iceland Chamber of Commerce and Sigríður Mogensen, Head of the Intellectual Property Division of the Federation of Icelandic Industries:

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Today, intellectual property is one of the most valuable assets companies possess.Whether they are in the form of patents, trademarks, designs or copyright-protected content, intellectual property is a vital business tool in modern industry and international trade. Much can be learned from intellectual property companies like CCP, Össur and Marel, which base their success and creation of value on intellectual property. In the recent turmoil caused by the pandemic and economic recession, innovation, intellectual property and ingenuity are more important than ever. The opportunities are endless. By stressing the proper points in the field of intellectual property protection inthe Icelandic economy and government action it is possible to create a foundation for increased creation of value and employment.

Intellectual property is a resource

In the past decades extensive changes have occurred in industry and business, both in this country and abroad. The principal value of companies increasingly consists of knowledge and ingenuity. Direct revenue from intellectual property has also been increasing in recent years, and intellectual property has become an important part of the services exported by Iceland.

The intellectual property industry is also one of the foundations for the Icelandic economy. According to a report from the European Union Intellectual Property Office (EUIPO) and the European Patent Office (EPO), Icelandic companies that make extensive use of intellectual property rights contribute 40% of the GDP and create 29% of all jobs in Iceland. The report also indicates that companies in the intellectual property industry pay considerably higher wages compared with industries that primarily rely on resources, and companies that make extensive use of intellectual property rights pay on average 47% higher wages than other companies. The figure is even higher for patent-intensive companies, where the wages are on average 72% higher than in other companies.

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Huge opportunities in the protection of intellectual property

It is likely that the coronavirus epidemic will accelerate technological changes, and therefore it may be assumed that the importance of intellectual property will become even greater. Icelandic companies must react to this new reality.

Increased emphasis on innovation and the protection and utilisation of intellectual property can play a key role in the creation of value and employment in this country, improve the competitive position and competitiveness of Iceland and achieve a higher level of wellbeing.

Proper management and utilisation of intellectual property can result in immense gain for companies and society as a whole. In the short term, more emphasis on innovation and the protection of intellectual property will make the economy more resilient and in the longer run, investment in innovation will create a foundation for a stronger economy with more capability to make use of our principal resource when it comes to creating value and jobs: our ingenuity.

Borghildur Erlingsdóttir, Director General of the ISIPO

Ásta S. Fjeldsted, Managing Director of the Iceland Chamber of Commerce

Sigríður Mogensen, Head of the Intellectual Property Division of the Federation of Icelandic Industries

The Fréttablaðið article can be read here (in Icelandic).

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