The Economic Engine of Innovation: How IP Fuels the Global Economy *

The Economic Engine of Innovation: How IP Fuels the Global Economy *

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There are significant financial and social benefits that flow from the ability of content creators and innovators to obtain and maintain strong intellectual property protections. For example, copyright-intensive industries account for nearly one-tenth of all U.S. employment, and they have cemented a valuable trade surplus in the digitally deliverable services sector. Meanwhile, patent protections for the pharmaceutical industry play a critical role throughout the drug development lifecycle, particularly where the development of a new drug often takes 10-15 years and costs over $2 billion. In a nutshell, without robust IP protection, many industries could not exist, and those that would persist would create much less, employ far fewer people, and contribute far less to the global economy. Still, the myth persists that IP protection is not necessary, even harmful, and counterproductive. Indeed, too many people incorrectly believe that content creators will continue to create, and innovators will continue to invent, regardless of whether they can own their creations and regardless of whether it is financially feasible to remain in business.

This panel will discuss:

• The economics of innovation and creativity, including the real-world cost of innovation and content creation.
• The public misunderstanding of how and why IP rights fuel both individual and institutional innovation.
• Examples of where weak IP enforcement leads to innovation flight or business collapse.
• The chilling effect on investment and entrepreneurship when IP ownership is uncertain or difficult to obtain.
• How IP doesn’t just protect creators and innovators, but how it builds entire supply chains and economic ecosystems.

Materials:

GIPC Report Underscores Economic Contribution of Copyright-Reliant Industries

The Intangible Economy: Realizing Wealth from Innovation, IP and Trade

$80 Trillion and Growing: Lisa Jorgenson on Why IP Matters

Who Wants Weak IP Laws? An Economic Analysis

International IP Index Warns EU Efforts to Weaken Pharma IP Could Cause Investment to Migrate

WIPO Report: Global Intangible Assets Reach Nearly $7 Trillion in 2023 Investment Surge

Survey:

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