Today the EU has removed a major hurdle to innovation and economic growth. A single patent system will give innovative entrepreneurs the platform to become major contributors to the sustainable economic recovery of Europe. It will not only offer SMEs more exposure to national markets, it will also standardise and harmonise Patent Law to give them legal certainty, thereby protecting them from fragmented national legislations.

It has taken us over 30 years to arrive at this significant milestone and it is the culmination of many rounds of negotiation. Thanks to the EU’s action, SMEs will have a simpler system to register their innovations at significantly lower costs. This will stimulate innovation across Europe as SMEs are able to protect their IP through a harmonised system. We need to ensure that the EU patent lives up to its objectives namely to create a level playing field for entrepreneurs. Even if the first EU Patent will theoretically exist by 2014, we need to remain vigilant that Member States encourage adoption and provide on-going support for the new system.

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