Ulster Unionist Economy Spokesperson, Sandra Overend, has cited the low number of patents applied for and granted in Northern Ireland as an area which needs improvement as well as pointing to the recent ‘patent box’ as a way for businesses to avail of a lower rate of Corporation Tax.

The Mid Ulster MLA said;

‘’Despite the increase in patented technologies and innovative products since 1998, Northern Ireland still lags well behind the rest of the UK and the Republic of Ireland when it comes to Intellectual Property protection for those products. The latest figures show that only 16 patents were granted in 2011 – the lowest in the whole of the UK.

I recognise that it can be difficult and often complex to get a patent, not least with the initial costs and additional legal fees. It is also easier for big companies and universities rather than SME’s. However, Invest NI does offer help as well as financial support and also has the capacity to search to see if a patent is viable.

A new incentive in this regard is the ‘Patent Box’, announced in the Westminster 2012 budget, which enables companies to apply a lower rate of Corporation Tax to profits earned after 1 April 2013 from its patented inventions and certain other innovations. The relief will be phased in from 1 April 2013 and the lower rate of Corporation Tax to be applied will be 10 per cent. After the disappointing decision on the devolution of Corporation Tax, this is a welcome option for businesses who are innovating.

The number of patents gained in any region serves as an indicator of innovation and research and development, but more importantly, without IP protection, the high value innovative technologies produced here are vulnerable to being copied.

I would urge businesses to take advantage of the opportunities which are present in the field of intellectual property and the Department of Enterprise, Trade and Investment can play a role by continuing to implement the recommendations of the Inquiry into Developing the Northern Ireland Economy through Innovation, Research and Development.’’