The economic crisis has caused companies and governments alike to reassess their spending. Jim Greenwood explains why imperilling IP protection for the biotechnology industry would be the worst possible outcome.
In a world in constant turmoil, it is worthwhile to reflect on the things that give us hope. Among the greatest of these is the limitless human potential for innovation.
The last century was replete with inventions and technology that impacted virtually all of our lives. The world became a much smaller place as transportation advanced from ground to air travel. Even in the most poverty-stricken areas of the world, people can communicate through cellular technology. Diseases that invariably resulted in death at the turn of the last century have either been eradicated or can now be managed through prevention, detection and treatment.
The impact of this innovation was global and lifted many populations out of poverty. India and China are economic powerhouses in large part due to the innovations of the last century. In the United States, the innovative biotechnology industry employs 1.3 million workers and is a centrepiece of virtually every state’s plan to jumpstart a lagging economy.