Knowing “why Are Intellectual Property Rights Important” In Depth

October 17, 2022

Why are intellectual property rights important in modern age? Explore now. A short review of intellectual property rights. Intellectual property has a major economic impact on both the national and state economies. Various sectors of our economy depend on the proper protection of their patents, trademarks, and copyright. And consumers use IP to make sure they are buying items that are ensured to just be safe. We think it is important to protect IP rights both at home and overseas. This is why:

High-paying Jobs are Generated by and Supported by Intellectual Property

  • About  55 million Americans and hundreds of millions of people worldwide are getting opportunity to do job in IP-intensive industries
  • Over the following 10 years, Employees in IP-intensive industries are going to grow faster than the average number of jobs.
  • An IP-intensive industry’s average employee earned around 30% more money than his non-IP competitor.
  • Compared with the national average of $38,768 per worker, the average wage in IP-intensive industries is $50,576.

Intellectual Property Promotes Competitiveness and Economic Growth

  • More than any other nation’s GDP Growth, the value of America’s IP is $5.8 trillion.
  • Over one-third, or 38%, of all U.S. GDP, is produced by IP-intensive industries.
  • Also, these businesses produce $136,556 per worker, 72.5% more than the national average.
  • IP pays for nearly $1 trillion, or 74%, of all U.S. exports..
  • The direct and indirect economic impacts of innovation provide for more than 40% of US economic growth and employment.

Having effective and strong intellectual property rights protecting families and consumers

  • Strong IP restrictions enable customers to make informed decisions regarding the security, dependability, and economy of their transactions.
  • Maintaining IP rights ensures that the products are genuine. And meet the high standards that customers also come to expect.
  • IP rights support the trust and comfort that customers want and markets need.

Intellectual Property Assists in the Development of Ground-Breaking Solutions to Global Issues

  • The 300 drugs on the WHO’s Essential Drug List, which are essential to saving or improving people’s lives all around the world, were almost entirely established by the R&D-heavy pharmaceutical sector, which is dependent on patent protections.
  • Innovative agricultural businesses are developing innovative solutions to support farmers in generating more and better food while reducing the negative environmental effects of agriculture.
  • IP-driven innovations in green technology and alternative energy will greatly boost energy security and prevent climate change.

Intellectual property rights reward businesses and promote innovation.

  • The innovation economy survives on risk and the rare failure. IP rights encourage business owners to continue pushing for innovations in the face of obstacles.
  • Sharing the protected knowledge that was crucial to the first, patented invention is made possible by IP rights. This method actually results in both fresh ideas. And advancements of already existing ones.

The fact that the U.S. files an enormously large number of patent, copyright, and trademark applications each year. And it  confirms the ruling classes’ recognition of the importance of innovation. And their efforts to protect strong intellectual property rights for writers and inventors in the U.S. Constitution.

The fact that securing intellectual property is a non-partisan dilemma. That is shared by a wide combination of interests. And is connecting all of these significant and different points. All industrial sectors, including small, medium, and large businesses, along with labor unions, consumer advocacy organizations, and other trade organizations we bring together, support these rights.

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