IP protections help accelerate access to innovation
Adequate protection of intellectual property affords people around the world faster access to innovation. If an innovator is uncertain that IP will be adequately protected, they will be less willing to enter their product into the market, leading to hampered access to the latest breakthroughs. Moreover, strong IP systems provide the right incentives for competition, which accelerates innovation and its entry to the market.
IP protections incentivize investment in future innovation
Undertaking innovative work is often a tremendously risky endeavor requiring a massive investment of time and money. In the agricultural sector, the invention of hybrid seeds has transformed crop farming, but it can take up to 15 years and millions of dollars to develop a commercially viable product. Without strong protection of IP, fewer people will assume the risks and investments required for innovation to occur.
G20 Leaders to Discuss UHC, Innovation and Role of Private Sector
G20 nations will convene in Okayama, Japan from October 19-20 for the Health Ministers’ Meeting, where they will discuss how to promote global health – particularly universal health coverage – to drive global economic development and growth. Read how innovation, intellectual property and the private sector can help drive health for all and sustained economic growth.