25,000 jobs for IP professionals in next 2-3 years

Silicon India

Bangalore: Rising awareness and growing competition will hike the Intellectual Property job opportunities in the country creating 25,000 jobs in the coming 2-3 years. Experts say, with the increased awareness about patents and trademarks due to increasing competition among companies and growing cases of infringement of IP rights, the Intellectual Property space in the country is increasing, PTI reports.

"We expect that over 25,000 jobs for Intellectual Property professionals will be created in the next 2-3 years. As there is an increase in the need for IP professionals in law firms, knowledge and legal process outsourcing companies and other corporate houses," said, Atulya Nath, CEO, Global Institute of Intellectual Property.

The lack of awareness of IP as a career option will gradually decrease with the need of professionals in the industry increasing and it will be seen as a lucrative career option, experts define. At present, there is shortage of IP professionals in the country as compared to the world over.

"Enforcement of IP issues is an area which would generate so many jobs in the coming days, as we all are witnessing an increase in the number of cases related with the infringement of intellectual property rights," said Rodney D Ryder, IP Expert, Kochhar & Co.

Over the last decade, IP laws in the country have been in a transition, as the country follows with its obligations under Trade Related aspects of Intellectual Property (TRIPs). The IP industry includes patents, trademarks, design, geographical indications and copyrights.

"The role of IP professionals would further increase in the coming days as the issues related with patent, trademarks, design and copyrights are becoming more vital," Ryder added.

The industry is growing at an unseen pace; experts believe it will grow much faster.

"We estimate around 4,000 people are working in different areas of IP and should double in the next 2-3 years. IP, particularly trademarks and patents are considered vital in growth strategy of businesses and this can be seen from the increase in the number of patent and trademark filings in the recent years and the increase in litigation related to IP matters," said Bhaskar Bagchi, India Head, CPA Global.

In sectors like pharmaceutical and IT where there are large, diverse and complex trademark and patent portfolios, the need for IP professionals is greater, experts said.