Taiwan and South Korea named as Asia’s innovation leaders
According to the study, the AP region continues to evolve its intellectual property infrastructure with record-breaking numbers of domestic patents, but further efforts to attain global ones will be essential to advancing its impact and influence.
Companies expanding their portfolios were most found on the list with Bayer Pharmaceuticals making its first appearance since 2011 with its expansion into crop science.
Another industry shift was seen in chemicals, where small molecules are being used in new ways relative to cosmetics, food chemistry and flavorings.
“The institutions on this year’s list represent the current vanguard in innovation by pioneering new breakthroughs and organizing their businesses to make new discoveries a reality,” Dave Brown, Thomson Reuters IP & Science senior vice president, explains.
Korean innovation prompts other markets to step up their efforts in Asia
As Korean cosmetics really start to become known for their creativity and high quality, China has its sights set on the country's finest R&D and production personnel to help it compete in the beauty arena.
Various countries around the globe including China have begun to associate Korea's R&D and manufacturing capabilities as being of higher quality, sophisticated and environmentally friendly of late.
According to Business Korea; Chinese competitors are scoping out cosmetics professionals with 10 to 20 year careers that understand their development and production systems.
The regional publication reports that Korean companies may have an uphill battle with this as these Chinese companies are also investing in advanced technology "to go along with their price competitiveness and economy of scale."
Other experts, such as president of packaging supplier FS Korea, JKH Wang reckon that full service strategies are also “a key issue” for many Korean companies.
"Not only develop innovative products of our own, but cooperate with experts in formulation and packaging, which is a necessity. With full service, we can increase our business but there are also some drawbacks like on the suppliers’ side who take all the responsibility, including the investment," says Wang.