COSMAX, a leading global cosmetics ODM (Research, Development, and Manufacturing) company, recently welcomed officials from the Korean Intellectual Property Office (KIPO), including Deputy Director Jeong Yeon-woo, at its R&I (Research & Innovation) Center in Pangyo, Seongnam, on the 29th of last month. This meeting was organized to strengthen communication with the rapidly growing cosmetics industry and collaborate on enhancing industry competitiveness.
During the meeting, both parties shared challenges related to intellectual property protection that arise during the research and development process in the cosmetics ODM industry, discussing potential policy improvements to support industry growth.
As of the third quarter of this year, K-beauty exports reached a cumulative total of $11.13 billion, reflecting a 31% increase compared to the same period last year, marking the highest performance on record. South Korea has firmly established itself as the second-largest cosmetics exporting country globally, behind France. However, with market growth comes increased concerns over the leaking of manufacturing technologies and know-how, as well as the distribution of counterfeit products. This is particularly relevant for ODM companies that handle technological information from various clients; thus, the ability to protect trade secrets and intellectual property, including patents and designs, is essential.
COSMAX, recognized as the number one global cosmetics ODM company by revenue, is committed to securing and protecting its independent technologies through patent applications. As of the third quarter of this year, the company has filed for over 2,000 patents and registered approximately 900.
During the meeting, KIPO presented on the theme of "Trends in Intellectual Property Protection Policies for Innovative Growth in Our Cosmetics Industry." COSMAX proposed three specific policy improvements based on its experiences in research and manufacturing: revision of items subject to limited design examination, standardization of chemical compound notation, and clarification of requirements for reporting and investigating counterfeit products for ODM companies.
Deputy Director Jeong emphasized the importance of the core technologies and trademarks developed from long-term research, stating, "The competitiveness of our cosmetics industry lies in the technologies our companies have painstakingly developed, and we will enhance our intellectual property protection policies to safeguard these assets against technology leaks."
CEO Choi Kyung of COSMAX remarked, "For ODM companies, technology is not just trust with clients but the essence of competitiveness itself. We hope that the voices from the field will lead to policy improvements that contribute to maintaining the technological competitiveness of K-beauty."
