INNOVATION, PATENTS AND ECONOMIC GROWTH

Rifat A. Atun, Ian Harvey and Joff Wild
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Rifat A. Atun: Centre for Health Management, Tanaka Business School, Imperial College London, London, SW7 2AZ, UK
Ian Harvey: Intellectual Property Institute, London, UK
Joff Wild: Intellectual Asset Management Magazine, UK

Chapter 4 in Innovation in the Biopharmaceutical Industry, 2007, pp 65-83 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractEmpirical evidence demonstrates the value of intellectual property (IP) in creating economic growth, enhancing productivity and profitability, and increasing enterprise value. Research and Development (R&D) intensive industries, such as the life sciences, where patents are critical to competition, need an enabling environment to institutionalise innovation and IP generation and reward investments in IP.The US has approached IP strategically and created an IP infrastructure. Japan aims to develop into an “IP nation”. China has an increasingly well-developed IP system. In contrast, the European Union (EU), which aims to become the world's leading knowledge-based economy, has a fragmented and expensive system of national patents. It lacks an environment which values investment in IP generation and management.Until recently, the EU enjoyed global competitive advantage in the life sciences, but this advantage has been lost. To regain this competitive advantage the EU must invest substantially in R&D, IP generation and commercialisation of these outputs.

Keywords: Pharmaceutical Innovations; Healthcare; Health Systems; Cardiovascular Medicine; Life Sciences; Cancer Medicine; Biopharmaceuticals Sector; Patents; Economic Growth (search for similar items in EconPapers)
Date: 2007
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