Intellectual property rights are the currency driving US biotech innovation.
According to the Biotechnology Innovation Organization (BIO), intellectual property rights remain essential to the U.S. bioscience industry and a primary engine driving innovation and the future therapeutic potential of biopharmaceutical medications. To that end BIO recently applauded the efforts of the Office of the United States Trade Representative (USTR) and its “Special 301” report which shines a light on US trading partners’ performance respecting intellectual property rights.
The USTR report annually reviews the global state of intellectual property protection and the enforcement and compliance efforts of countries around the world. Protecting IP rights is especially important, said BIO, to nascent bio/pharma companies and their ability to bring their technologies and innovation to market. “BIO’s members rely heavily on the strength and scope of their intellectual property (IP) to generate investments needed to develop and commercialize their technologies,” said the organization, explaining that the USTR report addressed key challenges to its global members IP which include inadequate laws, poor enforcement, patent conflicts and local, regional and national commitments to IP rights.
“While stronger IP laws and policies in foreign markets help BIO members do business abroad,” concluded BIO, “a commitment to stronger IP also works to increase the global incentives for biotech research and investment, including investments in countries seeking to foster innovation in biosciences.”
As a global innovation leader, the US bioscience industries employed 1.66 million people in 2014 and according to BIO, contributed to the direct and indirect creation of some 9.2 million jobs across the US economy.
