Putting a Value on Innovative Ideas

Putting a Value on Innovative Ideas

10.25.11 | By Kate Connors

Previously on The Catalyst, I have written about what the passage of this year's patent reform law, the Leahy-Smith America Invents Act, means to biopharmaceutical research companies.
But in the grand scheme of things, we represent just one industry in America that relies on patents (and other forms of intellectual property) as an incentive for the work that we do.
Yesterday, economists Kevin Hassett and Robert Shapiro released a study, partially supported by PhRMA, estimating the worth of intellectual capital (which includes patents, copyrights, and other economic ideas) in the U.S. The findings hammer home the fact that ours has become "an idea-based economy," the authors write.
The conclusion of the report? "It is essential that the federal government make strict protection of intellectual property rights, here and abroad, a priority for U.S. policy."
They explain further: "In implementing these new policies, it is important to consider the potential implications for the future of innovation and the valuable jobs accompanying industries with a high intensity of intellectual capital."
To see the role that our sector plays in this American idea-based economy, you can read the report in full; PhRMA's official statement on the report is here.

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