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UK businesses will be able to better protect their intellectual property rights in the UK and abroad as new legislation was given the final go-ahead.
A key part of the new Intellectual Property Act, which received Royal Assent on 14 May, is to create new powers for the UK to implement the Unified Patent Court Agreement – a central part of introducing a single patent across almost all EU countries, which could lead to savings of up to £40 million per year for UK businesses.
The Intellectual Property Act also provides new protections for designers and will also introduce a number of online services to help businesses better manage their intellectual property (IP).
Minister for Intellectual Property Lord Younger said: “Continued investment in intellectual property is vital to all businesses, as it contributes £16 billion to the UK economy each year.
“I am confident that this Act will further strengthen our world-class IP system – from research to market – and to help businesses of all sizes continue to thrive.
Key policies in the Act include:
It is expected that the new measures will come into force from October 2014, with all measures implemented by late 2015.
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