OICCI lauds formulation of IPOP Policy Board

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) on Tuesday congratulated the prime minister for appointing the members of the Intellectual Property Organization of Pakistan (IPOP) Policy Board, which had been pending since the enactment of the IPOP Act in 2012, a statement said.
The newly-formed policy board has representation from the trade and industry, including the OICCI as a member of the board, it said.
OICCI President Asad S Jafar said: “Constitution of the IPOP Policy Board with effective representation from the private sector, especially organisations such as OICCI, is a positive step by the government and will go a long way in improving the Intellectual Property Rights environment in Pakistan and sending a strong signal to the foreign investors who have been pleading for strengthening laws relating to protection of trademarks, patents and copy rights.”
According to OICCI, IPR violations in Pakistan are causing significant financial and social loss to the government and the people of Pakistan. Estimates of sales losses incurred due to IPR infringements by affected companies runs in billions of rupees with the consequential loss to the national exchequer in lost taxes annually.
Leading pharmaceutical and healthcare multinationals, for instance, spend between 15 to 20 percent of their revenue on research and development to introduce new products. Such companies may not be willing to introduce proprietary products in the markets that lack adequate IPR protection, it said.
OICCI recognises protection of IPR is vital for a competitive economy in Pakistan, and believes that the existence of a legal framework to protect all forms of intellectual property, including trademarks, copyrights and patents, is an essential prerequisite to attract foreign investment and to ensure the country does not fall into any international “watch list” or embargos, it added.