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Published on : May 26, 2015

Thomson Reuters’ analysis on global patents indicates that the life science industry is on the cusp of taking over the tech sector with regards to propelling global innovation. 

With a significant increase in the number of patents applied for and granted in 2014, than in any other year of history, experts suggest that humans have never been more proactively inventing. Whether it is the innovation of new automotive technologies or the discovery of new drugs for treating cancer or the creation of bionic limbs, mankind has more inventive than ever before in 2014. 

However, the rate of growth in innovation has plummeted, with worldwide patent volume rising only by 3 per cent last year. This however, registered the lowest increase in innovation since 2009, the year when global recession ended. Till 2013 the world had witnessed a double digit rise in the percentage of patent application and approvals. 

While stringent patent rules imposed by the United States can be partially held responsible for the situation, there are other signs which reflect paradigm shifts. 

As per reports, patent registration with respect to semiconductors dropped 5 per cent in 2014. This is likely to spell concerns for other industries for which microchips form the foundation of innovation such as big data, wearable tech, and the Internet-of-things. The technologies play a fundamental role in enabling communication between appliances. 

However, pharmaceutical and healthcare industry comprising biotechnology stages impressive rise in the rate of inventions. The rate of inventive practices in pharmaceutical industry rose by 12% and biotechnology innovations staged a 7% increase according to the findings of the 2015 State of Innovation Report, which was published on Tuesday.