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Benefits of standardization and standards
The impact of standards can be felt around the globe as they affect world trade, ensure public safety and drive market developments. Worldwide, there are well over half a million published standards. Further, approximately, $1.5 (US) billion is invested globally each year in the creation and management of standards.

An extensive study initiated by DIN (German Standards Institute) and the German Federal Ministry of Economic Affairs and Technology in 1997 was completed in May 2000. The study provides detailed insight into the economic benefits for standards—to businesses and to the economy. Highlights of the study include:

  • Standards contribute more to economic growth than patents and licenses
  • Standards play a strategic significance to companies
  • Companies that participate actively in standards work have a head start on their competitors in adapting to market demands
  • Research risks and development costs are reduced for companies contributing to the standardization process
  • Health and safety standards and Safety Statement Standards
  • Business that are actively involved in standards work more frequency reap short and long term benefits with regard to costs and competitive status than those who do not participate
  • Participating in standards development enables one to anticipate technology standardization thereby facilitating one’s products progress simultaneously with technology
  • Leaders in technology should become more involved in standards
  • Standards are a positive stimulus for innovation
  • Standards are internationally respected

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