East Asia innovating? (or just inventing?)

WIPO has released its 2010 tally of patent applications.  Year-on-year change from 2009:
  • China: + 56.2% (now ranks #4))
  • Rep of Korea: + 20.5% 
  • Japan: + 7.9%
  • "Six out of the top 10 applicants are from East Asia. In addition to the Chinese two, three are from Japan and one is from South Korea."
  • India is not in the top 15, but has experienced a 15% increase (albeit from a low base) 
  • Most Western countries have continued their downward trend, including the US (which is nonetheless #1)

- sezflom
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One has to be a bit careful with patent applications - things vary a lot by jurisdiction, so generally in cross country comparison people use USPTO data (US patent filings) or triadic patents.Innovation metrics tend to be all over the place - I am presently reading a book about Israel and my sense is that it is probably the most innovative country in the world.Data on biotech and nanotech patents from the OECD show that Asia Pacific is a small player.  A report by Booz and Co. shows that companies which spend the most on R&D are not necessarily the most innovative firms.  The UK government produces a very good ranking of R&D spending etc. for the top 1400 companies in the world.  In the Red Herring most innovative companies (in Asia) rankings 40 of the 100 companies are from India.  Some people look at royalty payments - here again Asia-pac is a small player.  This is why I have stayed away from giving you innovation metrics - they give us a very confused picture. 
— Ashish
Prof,

I've heard there are measures of how good countries are at turning inventions into profit. Do you know what these are called and where they can be found?

— rehintz
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