The Importance of Intellectual Property

The Importance of Intellectual PropertyIntellectual 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.