After recently celebrating the United States’ ten millionth patent, Iancu reflected on the role of intellectual property in driving innovation. Key takeaways from his remarks included:

• Iancu shared his belief that patents help tremendously with invention, noting “overall, patents only incentivize further innovation.” Though critics may position patents as a monopolistic tool, Iancu noted “patents are pro-competitive,” helping “in a variety of ways with development and competition.” This includes incentivizing investment in the original invention, as well as spurring further innovation from competitors who then go on to build upon and invent around what has been patented. He underscored, “it’s a constant race to improve.”
• He also touched on the value of follow-on patents, making sure that a particular innovation and follow-on application(s) are sufficiently innovative. Iancu emphasized the U.S. patent system provides appropriate incentives to foster these innovations, and the key to the system is balance – between the individual, or intellectual property owner, and the public’s interest.
• When speaking about data protection—another form of intellectual property protection that works in conjunction with patent protection—Iancu underscored the importance of his work internationally with trading partners to encourage them to have the same standards as the U.S.

Iancu’s perspective certainly underscored the importance of intellectual property, and its role in driving innovation. To view the conversation and hear from others across the health care industry, watch the event recordings.