At a time of ever-fiercer global competition between companies and entire economies, it is becoming increasingly important to protect intellectual property in order to strengthen market leadership. The number of patent applications is a key indicator in this regard. To mark the announcement of the 2011 Patent Applicant Ranking, the European Patent Office and Siemens – which has been a leader in patent applications in Europe for years – held a joint press event on March 23, 2012. Benoît Battistelli, President of the European Patent Office, and Peter Löscher, President and CEO of Siemens AG, spoke on the economic importance of innovation and patent protection.