New innovation strategy for EU is vital – says report

Mario Draghi at the EC press conference launching his report on Monday 9 September. © European Union, 2024, CC BY 4.0 

Mario Draghi – former President of the European Central Bank and one of Europe's leading economic minds – has been tasked by the European Commission to prepare a report on “The future of European competitiveness”.

The report published last Monday looks at the challenges faced by industries and companies in the Single Market. The findings will contribute to the EC’s work on a new plan for Europe’s sustainable prosperity and competitiveness, and especially to the development of the new Clean Industrial Deal for competitive industries and quality jobs, which will be presented in the first 100 days of the current EC mandate (2024-2029). Mario Draghi has called for Europe to boost its investment to levels not seen in Europe since the post-war period.

Translating innovation into commercialisation is central to the approach for reigniting growth, as outlined in the report. Moreover, the report recognises that patent data can assist policymaking and that the patent system helps to grow economies. Mario Draghi specifically emphasises the importance of the Unitary Patent – calling on all EU Member States to join the system (so far 18 have done so).

He also compares the levels of invention commercialisation in Europe, the United States and China, aligning with the findings of studies by the EPO’s Chief Economist, especially with next month’s study on the commercialisation of university inventions. This study will be discussed at an online event on 22 October organised by the Observatory on Patents and Technology.

Mario Draghi’s highly strategic document was illustrated with multiple references to EPO’s work. Under the Strategic Plan 2028 several initiatives will reinforce the positioning of the EPO in these matters.