"In a time where tech innovation is nearly synonymous with global economic status, China and South Korea's recent innovation boom has propelled both to the top of the global leaderboards," said Yuan-Sheng Yu, Senior Analyst at Lux Research and lead author of the "State of Innovation in Asia" report. "While the infatuation with Silicon Valley is still prevalent in innovation circles, we are seeing an increasing interest in Asia, and rightfully so.
Asia has driven a boom in recent years in terms of R&D spending, venture capital funding, academic publications, and patents. In order to navigate this dynamic region, Lux Research – a leading provider of tech-enabled research and advisory services - has issued a new report, "State of Innovation in Asia: Key Industries and Players Shaping Asia's Innovative Ecosystem."
President Donald J. Trump signed H.R. 1865, a bipartisan year-end spending package, into law on December 20, 2019. H.R. 1865, which was passed by the U.S. House of Representatives and the U.S. Senate last week, includes a full repeal of the medical device tax--a 2.3% tax on a range of medical devices and products that previous research has shown to have minimal benefits for doctors, patients and manufacturers.
When evaluating policy options, U.S. policymakers would be wise to look for best practices to consider - or, perhaps more importantly, worst practices to avoid - from around the world. So, as some in Congress seek to import price controls and other harmful policies commonplace in countries with inferior consumer access to innovative products and services, it’s worth considering the consequences such policies would have on the innovation ecosystem that has long set the U.S. apart from other developed economies around the world.
This new Innovation and Creativity Access Barometer examines the flip side of the coin, assessing the policies that speed or impede citizen’s access to those new products, services, and technologies. Together, these two benchmarks tell a holistic story of the property rights and rule of law infrastructure that will determine innovative and creative success in a 21st century knowledge economy and the future of our global middle class.
38 of the most innovative companies in the world are based in the U.S, 21 in China, and 15 from Europe. Chinese followed by Japanese-based companies lead the world in electronics innovation as measured by the uniqueness of patents produced. U.S. companies lead the world in medical technology patent innovation.
“A significant number of the technologies that are being abandoned in the United States--and at the same time being issued as patents by the European Patent Office, China, or both--cover innovations in medical treatments and the life sciences.”
Rather than growing together, the nation’s regions, metropolitan areas, and towns have been growing apart. That has been a shock for mainstream economists and policymakers who have long trusted the self-regulating nature of the regional economics market. And indeed, for much of the 20th century, market forces had tended toward “convergence” among communities--reducing wage, investment, and business formation disparities between more- and less-developed regions.
The idea of “government” is generally not an inspirational notion. It doesn’t naturally come to mind when considering business concepts such as, say, return on investment. Or invention. Or creativity. Or the future. But it should. The United States government has provided the growth and innovation engine for leading American industries as diverse as agriculture, electronics, nuclear energy, biotechnology, and aviation.
Silicon Valley has long been the world leader in tech innovation. It’s the cradle of startup culture, a hub for venture capital, and the home of dozens of global tech titans that are not only raking in billions of dollars, they’re also influencing politics, culture, and lifestyles around the world--whether they intended to or not. The Valley’s tech dominance has gone relatively unchallenged for decades, but China is now giving American tech a run for its money...