JUNRONG / SHUTTERSTOCK.COM
Without strong, predictable and enforceable patent protection, investment in biotech innovation may dry up or be limited to inventions with ‘rock solid’ patents, says Jim Greenwood of the Biotechnology Industry Organization (BIO).
Biotechnology is a dynamic, job-creating industry and presents economic growth opportunities in countries all over the world.
The majority of biotech companies are small and medium-sized enterprises. What these companies share is a philosophy that is vital to the task of developing biotech products—a willingness to take huge risks and invest private capital in the development of new technologies that will lead to innovative products and services that improve people’s lives.
For the global biotech industry to realise its full promise, nations must ensure they have the right public policy environment. Broad international support for strong intellectual property protection will continue to play an important role in the long-term success of healthcare biotech companies and their ability to bring new drugs to patients. Stable, forward-thinking policy is also necessary to support the emergence and growth of agriculture and industrial biotech companies around the globe.
BIO, biotech, R&D, HIV/AIDS, IP laws, IP protection, patents