INNOVATION POLICY FEATURES IN THE OECD COUNTRIES

Abstract

The purpose of the paper is to analyze the innovation policy features in the OECD countries and give the basic framework which defines rights and obligations of intellectual property rights (IPRs) owners. Governments play an important role in determining demand-side policies, such as smart regulations, standards, consumer education, taxation and public procurement that can affect innovation. Because demand linked to supply, policies that affect both need to be better harnessed to drive long-term innovation and sustainable growth. Policies to stimulate innovation require taking account of changes in the international economy and the transformation of innovation processes. To transform invention into innovation requires a range of activities. Innovation now encompasses much more than research and development (R&D), albeit R&D remains vitally important. Methodology. The data for the paper is taken from the publications and reports of the European Commission, OECD, World Bank etc. In the paper the descriptive analysis, supported by the quantitative analysis is applied. Results. It is identified that rises in R&D intensity and innovation are driven by such factors: reduction of anti-competitive market regulations, which promotes business R&D and strengthens the incentives for innovations; stable economic conditions and low interest rates which encourage the growth of inno vation activity by creating a low-cost environment for investment in innovation; availability of internal and external finance. Practical implication. It is given the basic legal framework which defines rights and obligations of IPR owners: reviewing exemptions to copyright in the light of the internet's different uses; clarifying exemptions for research use; promoting an active and open commercialization policy for universities; encouraging the commercialization and monetization of IPR: for example draft licensing contracts, valuation standards; standards: encouraging pooling mechanisms, platforms etc.; accelerating patent processing while preserving quality. Value/ originality. Received conclusions will help to understand the innovation policy features in the OECD countries what gives an opportunity to use their experience in Ukraine.