McCreevy leads breakthrough on single patent system after 40 years

AFTER almost 40 years of attempts, there has been a breakthrough in establishing a Europe-wide single patent system that will help slash the cost of creating and protecting patents.

Patents are seen as vital to innovation and growth but the cost of registering the rights to a new invention in the EU is at least five times more expensive than in the US.

Internal Market Commissioner Charlie McCreevy achieved the breakthrough yesterday in Brussels when member states’ competition ministers agreed the basis for a Community Patent.