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The Importance of Intellectual Property
Intellectual property protection is the key factor for economic growth and advancement in the biotechnology sector. Patents add value to laboratory discoveries and in doing so provide incentives for private sector investment into biotechnology development. The Biotechnology Industry Organization advocates a strong and effective global intellectual property system.
For over 200 years the carefully crafted intellectual property laws have been the driving force for innovation and progress in the United States. The U.S. patent system fosters the development of new products and discoveries, new uses for old products and employment opportunities for millions of Americans. Nowhere is this more apparent than in the biotechnology arena. The biotechnology industry as we know it did not exist prior to the landmark Supreme Court decision of Diamond v. Chakrabarty in 1980, where the court held that anything made by the hand of man was eligible for patenting. Since this decision, the biotechnology industry has flourished and continues to grow. Strong intellectual property protection is essential to the success, and in some instances to the survival, of the over 1,200 biotechnology companies in this country. For these companies, the patent system serves to encourage development of new medicines and diagnostics for treatment and monitoring of intractable diseases, and agricultural and environmental products to meet global needs.
Enticed by the prospect of the market exclusivity afforded by U.S. patent protection, U.S. entrepreneurs and scientists expend great resources to develop and produce cutting edge biotechnology products. Biotechnology companies can spend hundreds of millions of dollars and sometimes decades to develop a product. The vast majority of biotechnology companies are start-ups that have no products on the market rather they rely on their patent assets to generate R&D; financing. While most biotechnology companies rely heavily on public-private partnerships in their R&D; initiatives, the majority of R&D; funding is provided by the private sector. Patents provide the needed assurance for investors to risk the capital necessary in the long development process; e.g. that his/her investment cannot only be recouped but also generate a profit.
The U.S. Patent System is a model that is being emulated by other countries. BIO takes an active role in educating policymakers, opinion leaders and the public at large, both in the U.S. and abroad, about the value of the biotechnology sector.
Primer
Genome and Genetic Research, Patent Protection and 21st Century Medicine. Read.
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