KARACHI: Multina-tional companies operating in Pakistan are concerned about the low level of priority that the intellectual property rights (IPR) regime receives from government authorities and other key stakeholders.

       According to the IPR Survey 2023 conducted by the Overseas Investors Chamber of Commerce and Industry (OICCI) among its 200-plus members, there’s growing concern about the functionality of the intellectual property (IP) tribunals besides the timelines for the legal resolutions of IPR disputes have lengthened in the country.

       Overall, the survey respondents reported a 20 per cent loss of revenues due to an ineffective IPR regime, with serious implications on revenue to the exchequer.

       The survey results showed improved timelines of IP registration as 42pc (versus 37pc last year) of respondents in trademarks cases and 45pc (versus 36pc a year ago) in copyright cases reported registration within one year.

       The OICCI members participating in the 2023 IPR survey recognised that while a comprehensive legislation is in place, there is a need for a more robust enforcement of IPRs where the Intellec-tual Property Organisa-tion of Pakistan (IPOP) could play a key role.

       Besides, speedy court trials and harsh penalties are needed to create a deterrent amongst IPR violators, they said.

       Published in Dawn, December 31st, 2023