This is a problem: Canada imports nearly double the intellectual-property-backed products and services than we export
The two patents received by the Neurological Simulation Center in Montreal, run by McGill University Professor and retired neurosurgeon Dr. Rolando Del Maestro, on July 5, 2023.Dan Herman is the chief executive of Intellectual Property Ontario. Jesse Vincent-Herscovici is the chief executive of Axelys , a non-profit organization founded by the government of Quebec.
What’s at the source of this? Here’s an interesting, and perhaps disturbing, data point related to Canada’s productivity and therefore prosperity: we import nearly double the intellectual-property-backed products and services than we export. Considering the immense size of global demand for such products and services, don’t we produce things the world wants?
As it stands, too often this publicly financed research ends up orphaned on the shelves of institutions that are unable to fund its commercialization because of underinvestment in the capacity to transfer our best ideas and technologies. Where there is valuable IP to commercialize, those same cash-strapped organizations are often raided by foreign multinationals eager to gain access to the knowledge developed by our best and brightest.
The data, however, tells a different story. In artificial intelligence , for example, a global surge in patent filing activity has seen the number of patent families in this field more than double in just four years. In medical technology, filings globally have more than doubled since 2018, likewise in the life sciences. Even in automotive, where governments across Canada are investing billions to attract foreign direct investment, IP filings have increased by over 100 per cent since 2016.
Coast Research Executive Cent Productivity Canada Government Bank Of Canada Carolyn Rogers Axelys
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