The Economics of Innovation: Part II

25 June 2012 Personalized Medicine Bulletin Blog

In my June 10th, 2012 post, I  noted a report on the current debate whether or not patents promote or impair innovation in the diagnostic field.  Last week at the 2012 Biotechnology International Organization (BIO) International Convention, Joseph Damond, vice-president for international affairs at BIO reported the results of a BIO-commissioned study to answer the question whether patents stifle progress when they occur in the early phases of research. Looking at patenting trends in emerging and developed nations, the researchers concluded that the argument that IP (i.e., patents) work against stimulating innovation is quite theoretical. 

BIO engaged Pugatch Consilium, a consulting group based in Israel and the United Kingdom to conduct the study. The Consilium searched publications and databases for associations between intellectual property rights (IPR) and measures of economic development and biotech health. It was reported that neither the literature nor database searches support the perception that IPR stands in the way of research in the biotech and pharmaceutical sectors.

More information on the report can be found at the Nature News Blog.

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