Economic growth begins with ideas, innovation and creativity. Since the signing of the Constitution, the U.S. has protected the fruits of creativity and innovation through intellectual property protection, primarily expressed as patents, trademarks, copyright and trade secrets.
As our economy has become even more dependent on innovation, intellectual property issues have been pushed to the forefront. The clashes have led some to question the value and even the legitimacy of IP protection. While some of these attacks come from the libertarian perspective, most originate from the same naïve socialist impulses that so demonstrably failed in the realm of real property—but somehow are seen as thoughtful with respect to IP.
IPI believes that creators have the right to own and control the fruits of their creativity, and that the IP system has done an admirable job of not only incentivizing innovation, but also making creative products and services available to the public and transferring technology to the developing world.
Patent Protection for Me, But Not for You
Groups such as Business for Affordable Medicine (BAM) wants to reform the 1984 Hatch-Waxman Act in order to get access sooner to cheaper generic drugs. However, those efforts could weaken drug manufacturers’ patents. Interestingly, BAM members also have patents, and they defend those patents if another company tries to infringe them. In particular, GM complains that it has to spend money fighting the expansion of imitation parts — just like the drug manufacturers. Is the intellectual property of pharmaceutical companies less important than the intellectual property of member companies of Business for Affordable Medicine?
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