In a fresh report, the UN’s World Intellectual Property Organization (WIPO) found that research and development spending and other investments that drive innovative activities continued to boom last year despite the still-raging pandemic.

Research and development investment by the top corporate spenders swelled by nearly 10 percent in 2021 to over $900 billion — higher than before the pandemic — with most going to areas including pharmaceuticals, biotechnology, and information and communications technology. 

Venture capital (VC) deals meanwhile “exploded” by nearly 50 percent last year, recording levels comparable to the internet boom years of the late
1990s, WIPO said.

The greatest growth was seen in the Latin America, Caribbean and African regions.

The top 10 still counts only Western countries, with the exception of Singapore in seventh position, and showed improved performance by the United States, which moved up one spot to second place, ahead of Sweden and Britain.

But China is swiftly closing in, moving up to 11th place from 12th last year, and from 34th a decade ago.

India and Turkey both rose significantly in the ranking, making it into the top 40 for the first time.

The UN agency also highlighted how a number of developing countries, including Indonesia, Pakistan, Kenya, Brazil and Jamaica had performed “above expectation” on the innovation index relative to their level of economic development.