| dc.description.abstract | The second decade of the twenty first century is witnessing the rise of global innovation competition. In a knowledge-based economy in which knowledge is used to generate wealth, Intellectual Property ('IP') is considered as a tool for technological and economic development. The term 'innovation' is broadly used to mean the creation of better or more effective products, processes or technologies that are accepted by markets and societies. Patent protection is granted for inventions and is designed to promote innovation. The current Sri Lankan patent regime falls far short of the potential benefits envisioned by the lawmakers; namely, promotion of the innovation potential and creating of an innovative culture in the country. The country is still in the initial stage of technological ladder and the industrial sector has suffered over the years due to marginal technological capabilities. Analysing the innovation landscape through the prism of patent statistics of well over a decade suggests that Sri Lanka is a patent granting country, as opposed to a patent producing one. The recent scholarly investigations suggest that there is reasonable nexus between a patent regime and the technological progress of a country. Against this backdrop, this research investigates whether the existing patent regime is adequately focused to promote local innovation viewed through the lens of empirical evidence. Research Methodology:This research was carried out primarily as a library-based research. In so doing, primarily and secondary sources were used. Furthermore, legal research and analysis of the domestic legal framework has been carried out with support of empirical evidence. Findings/conclusion: The findings of this research suggest that Sri Lanka has fallen far behind in terms of patents, technology and innovation, when compared with her neighbours and emerging economies in East Asia. The poor patent filing is perhaps the single most obvious indication of a shortage of home-grown creativity. The patent applications filed in recent years remain dominated mostly by foreign patent applications. Thus, empirical evidence supports the view that not many firms in Sri Lanka are enthusiastic about filing patents. The survey evidence shows that patenting propensity among Sri Lankan Small and Medium-sized Enterprises (SMEs) is relatively low. In essence, the Sri Lankan patent system remains under-appreciated and under-utilized. From an innovation policy perspective, even though many factors could influence the innovation landscape of the country, including education policies, a country's technological absorptive capacity, its general institutional base to promote domestic research and development, the patent regime is a vital instrument in promoting innovation and Sri Lanka has probably not paid adequate attention to this important aspect in its economic development drive. | en_US |
