Korean and UK Patent Attorneys Associations Join Forces to Commercialize Korean Technology Overseas

[Financial News] The Korea Patent Attorneys Association said on the 12th that it had met with National Assembly member Jang Chul-min, who serves on the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee, together with the UK Patent Attorneys Association, to discuss cooperation on overseas technology transfers and commercialization of innovative technologies, as well as ways to promote intellectual property (IP) monetization.
 The meeting was arranged to discuss how to promote overseas technology transactions and commercialization of outstanding technologies held by Korean universities, research institutions and innovative companies, and how to leverage the expertise and international networks of the Korean and UK patent attorneys associations to support those efforts. Attendees included Rep. Jang, Simon Wright, chairman of the UK Patent Attorneys Association, and Jeon Jong-hak, chairman of the Korea Patent Attorneys Association.
 At the meeting, participants considered a specific cooperation model in which the Korea Patent Attorneys Association would identify promising domestic technologies and companies, while the UK Patent Attorneys Association would match them with local experts and partner organizations. The plan is to activate a full-cycle support network tailored to each technology’s characteristics and stage of commercialization, from analyzing the status of intellectual property rights to licensing, joint development and attracting investment.
 The failure of patents held by Korean universities and public research institutions to lead to actual technology transfers and revenue is seen as a challenge. Although the number of patent applications and registrations is at a globally high level, the proportion of patents that are commercialized or generate royalty income is said to be relatively low. Overseas markets pose additional hurdles, including understanding local laws and regulations and business practices, as well as finding reliable partners, making it difficult for domestic institutions to transfer technology overseas on their own.
 Rep. Jang proposed leveraging research achievements and business needs in regional innovation hubs such as Daejeon as a starting point for identifying concrete examples of cooperation. Given Daejeon’s concentration of universities, government-funded research institutes and technology-based companies, the idea is to explore opportunities to connect their outstanding technologies with overseas technology transfers, joint commercialization and investment.
 The patent attorneys associations of the two countries plan to keep a working-level communication channel active, first identifying promising technologies and companies interested in expanding overseas, and then gradually holding online consultations with experts in the UK. The Korea Patent Attorneys Association plans to share progress and challenges on the ground with the National Assembly and seek institutional support.
 “The key is to build a bridge so that our innovative technologies not stop at patent applications but lead to actual technology transactions and the growth of global companies,” Rep. Jang said. “The National Assembly will also actively support efforts to ensure that voices from the field are fully reflected in policy and support measures.”
 Jeon Jong-hak, chairman of the Korea Patent Attorneys Association, also said, “Drawing on the strong networks between the two countries, we will focus our efforts on helping Korean companies and research institutions achieve tangible commercialization results on the world stage.”

[email protected] Kim Won-jun Reporter