Intellectual property protection is a key factor for economic growth and progress in the biotechnology sector. Patents add value to laboratory discoveries and in doing so provide incentives for private sector investment in biotechnology development. The Biotechnology Industry Organization advocates a strong and effective global intellectual property system.
For over 200 years of carefully crafted intellectual property law has become a driving force for innovation and progress in the United States. U.S. patent system encourages the development of new products and inventions, new uses for old products and employment opportunities for millions of Americans. Nowhere is this more obvious than in the biotechnology arena. The biotechnology industry as we know it did not exist before the landmark Supreme Court decision Diamond v. Chakrabarty in 1980, in which the court argued that anything made by human hands eligible for patenting. Because of this decision, the biotechnology industry has grown and continues to grow. Protection of intellectual property rights is essential for strong success, and in some cases for survival, from more than 1200 biotechnology companies in this country. For these companies, the patent system works to encourage the development of drugs and new diagnostic and treatment monitoring for intractable diseases, and agricultural products and environments to meet global needs.
Interested in the prospect of market exclusivity granted by the U.S. patent protection, U.S. businessman and scientist who devoted huge resources to developing and producing sophisticated biotechnology. Biotechnology companies can spend hundreds of millions of dollars and sometimes several decades to develop the product. Most of the biotechnology company start-ups that do not have products on the market rather they rely on their assets to generate patents R & D financing. While most biotechnology companies rely heavily on public-private partnerships in R & D initiatives, the majority of R & D funds provided by the private sector. Patents provide the necessary guarantees for investors to risk capital required in the long development process; such that she / he can not be considered investment only, but also turn a profit.
U.S. Patent System is a model that was imitated by other countries. BIO taking an active role in educating policy makers, and public opinion leaders, both in the United States and abroad, about the value of the biotechnology sector. www.bio.org
For over 200 years of carefully crafted intellectual property law has become a driving force for innovation and progress in the United States. U.S. patent system encourages the development of new products and inventions, new uses for old products and employment opportunities for millions of Americans. Nowhere is this more obvious than in the biotechnology arena. The biotechnology industry as we know it did not exist before the landmark Supreme Court decision Diamond v. Chakrabarty in 1980, in which the court argued that anything made by human hands eligible for patenting. Because of this decision, the biotechnology industry has grown and continues to grow. Protection of intellectual property rights is essential for strong success, and in some cases for survival, from more than 1200 biotechnology companies in this country. For these companies, the patent system works to encourage the development of drugs and new diagnostic and treatment monitoring for intractable diseases, and agricultural products and environments to meet global needs.
Interested in the prospect of market exclusivity granted by the U.S. patent protection, U.S. businessman and scientist who devoted huge resources to developing and producing sophisticated biotechnology. Biotechnology companies can spend hundreds of millions of dollars and sometimes several decades to develop the product. Most of the biotechnology company start-ups that do not have products on the market rather they rely on their assets to generate patents R & D financing. While most biotechnology companies rely heavily on public-private partnerships in R & D initiatives, the majority of R & D funds provided by the private sector. Patents provide the necessary guarantees for investors to risk capital required in the long development process; such that she / he can not be considered investment only, but also turn a profit.
U.S. Patent System is a model that was imitated by other countries. BIO taking an active role in educating policy makers, and public opinion leaders, both in the United States and abroad, about the value of the biotechnology sector. www.bio.org
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