Overseas Investors Chamber of Commerce and Industry (OICCI), the collective body of over two hundred top foreign investors, has recommended substantial increase in penalties for IPR (Intellectual Property Rights) violations to attract FDI in high value research-based products and services in Pakistan.

OICCI asks for Heavy penalties for Intellectual Property protection

Sharing the results of OICCI IPR Survey 2022, conducted annually, the chamber has expressed concern that IPR enforcement is lukewarm, and is not top of the agenda of key stakeholders including the government authorities. The IPOP, (Intellectual Property Organisation of Pakistan) the regulatory body for IPR is without a Chairman since May 2021, and there has not been any significant action taken to strengthen the IPR Tribunals, especially in Karachi. IPR violations has denied the government of significant revenue loss besides endangering the life and well being of public exposed to counterfeit products including medicine. Commenting on the survey results, Ghias Khan, President OICCI emphasized that “timely registration of Copyrights, Trademarks and Patents supported by strict enforcement regime is critical for building confidence of the existing and potential foreign investors in Pakistan. OICCI as before”, Ghias added, “will continue to support IPOP and share its international knowledge base on IPR towards ensuring a robust IPR regime in the country”. The research based foreign pharmaceutical companies based in Pakistan are quite concerned that there is no linkage between Patent Law and DRAP (Drug Regulatory Authority of Pakistan) Product Registration, who continue to issue registrations to companies infringing patents, forcing the patent holders to approach court for protection of IPR at a heavy cost.

Lengthy processing timelines for granting IP rights, complicated procedure for registration and long drawn judicial procedure for the protection of IP rights are the key issues highlighted in the OICCI IPR Survey 2022. More than 50% of the respondents believe that Trademarks and Copyrights get registered in 1 – 3 years whereas 53% of the respondent (vs 46% in previous survey) record that it takes more than 3 years to resolve an IPR dispute. While majority of the members expressed that IPR tribunals are functional in major cities, excluding Karachi, yet 32% believe there is no improvement in the protection of IP rights and enforcement of IP laws. OICCI members, however, have appreciated the increasing focus of Karachi Port Custom authorities in closely monitoring the import of counterfeit products. In conclusion, M Abdul Aleem, CEO of OICCI added that “OICCI works closely with IPOP in supporting initiatives towards strict monitoring of IPR violated products, more engagement with brand owners in Pakistan and improving check on import valuation which will go a long way in boosting the government revenue and manufacturing of legitimate value-added products in Pakistan. IPOP together with LEA and media has a pivotal role in promoting high level of protection of IPR in Pakistan and attracting quality research-based product and investment in the country. The over 200 OICCI members doing business in 14 sectors, are the largest contributors to Pakistan Economy. Collectively, they invested US$ 2.4 billion last year, contributed about a third of the country’s total tax collections and employ about one million people with a significantly larger contribution to the socio-economic development of the community through their CSR activities as well.

By Web Team

Technology Times Web team handles all matters relevant to website posting and management.