British businesses are missing out on billions of pounds in revenue by failing to file international patents at the same rate as rivals in other countries, experts have warned.

According to a report by the Chartered Institute of Patent Attorneys, companies in the UK are filing patents in the key markets of Europe and China at rates of up to 40 per cent lower than their French and German peers.

The World Intellectual Property Organisation also has found that the UK lags behind leading economies in patent filings. It ranked Britain only 16th to 20th in its Global Innovation Index measures related to patents.

This “worrying trend” suggests that British companies and entrepreneurs are failing to protect their inventions and discoveries overseas, according to the institute, Britain’s largest intellectual property organisation.

The Society of Chemical Industry warned that British firms could be missing out of billions of pounds of revenue, allowing other countries to become leaders in science and technology-based applications. “The lack of UK patent filings is a key indicator that the health of our science-based industry is suffering,” Sharon Todd, chief executive of the society, a forum for leaders and scientists in the sector, said. “We risk losing billions of value from this country to our international competitors.”

The new government is being urged to work with industry “urgently” to resolve patent challenges. “The UK cannot afford to stand still while other economies become leaders in green tech, new medicines and food production,” Todd said. “We, too, need to propel our economy forward to create skilled jobs and to protect the security of supply of products we rely on every day.” The society has called for a “science and innovation growth council” of industry experts to advise central government on policy needed to develop innovative industries.

Matt Dixon, president of the institute, said the organisation was “committed to working with government to address the UK’s patent problem. Only with businesses and government working together in close counsel will the UK avoid losing out on the incredible economic opportunity afforded by intellectual property generation and patent protection.”

Founded in 1882, the institute is Britain’s biggest intellectual property organisation, with more than 4,500 members, including 1,100 trainee patent attorneys. Its members support small to medium-sized businesses, universities and large companies in protecting their innovative technology worldwide.