Healthcare is in throes on innovation, spearheaded by digital technologies. Medtech companies have rebuffed their efforts in becoming a part of the digital transformation narrative the developed world has charted. They are keenly growing patent filing in Europe and North America. Rise in demand for patent filing for new pharmaceutical and biotechnology products has been a key trend in recent years. Despite the unprecedented growth of patent filing in some developed nations of the regions, healthcare companies have been increasingly pressurized to cut in cost, squeezing their profit margins. The popularity of patent filing outsourcing services has stemmed from this trend, and will continue to make waves for the next few years of this decade.
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Asia Emerged as Favorable Hotspot, Startup Culture Imparting Momentum to Services Delivery
Over the past five years, emerging economies, with glaring examples in Asia, have been key destinations for offshore outsourcing of patents. A case in point is India, where the global healthcare patent filing outsourcing has risen remarkably. Further, there is a growing focus on intellectual property rights.
The rise in use of assays is a key trend bolstering the prospective demand for patent filing, thereby spurring the prospect of outsourcing services from numerous Asian nation. Prevalence of chronic diseases and rise in research for novel ingredients in various drug-making activities have propelled patent data to regulatory agencies, such as European Patent Office (EPO) and United States Patent and Trademark Office (USPTO or Office). India has emerged as an attractive outsourcing hub for various business. A number of such companies have cropped up in high-tech cities of the country, with Bangalore being an example. Several trends support the growth of the healthcare patent filing outsourcing in Asian nations. For one, several start-ups offered services have emerged to the fore, where they are doing that for a fraction of overall costs.
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