Posted on Monday 15 July 2019 by Cruickshank Intellectual Property
Ireland is losing up to €909 million a year across 11 sectors due to counterfeit goods according to recent statistics from an Intellectual Property report conducted by the European Union Intellectual Property Office (EUIPO). The 2019 Status Report on IPR Infringement released in June brings together results from research based on the extent and economic consequences of Intellectual Property (IP) infringement in the EU.
Counterfeiting has evolved considerably with the continuous development of enhanced technology. The online marketplace is one which has become a significant and important venue for counterfeit activity to occur. While the 2017 perception study published by EUIPO showed that 97% of EU citizens believe it is important that creators, inventors and artists should be paid for their work they continued to buy counterfeit products. Many factors contribute to this including the low price of these goods and easy accessibility.
Figures for Ireland Increase
In Ireland the statistics for counterfeit goods continue to rise. Lost sales in Ireland are estimated at 5.4% of all sales in 11 different sectors. The clothing, footwear and accessories sector experience the most level of counterfeit activity while the cosmetics and personal care sector experience an estimated loss of €98 million the equivalent to 14% of all sales in this sector. The total value of lost sales in Ireland is the equivalent to €192 per Irish citizen per year.
You can find out more about this study here
The Importance of Intellectual Property Rights
Intellectual Property provides an important role in protecting the rights of creators and inventors, yet the rise in counterfeiting creates economic damage to IP owners. For business owners obtaining IP Rights in the form of patent, trade mark or design protection, is one of the most important business strategies. As an IP firm we are committed to continually driving IP awareness and strive to inform our clients about the best way IP protection can work for them.
If you would like to know more about how you can protect your intellectual property or are concerned about a possible infringement issue, contact us and we will be happy to arrange a meeting with one of our team.
If you have an idea that requires protecting or simply need an expert in European IP Law, then please get in touch with us today.
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