“Innovation is the lifeblood of a free-market economy. It is the driving force behind technological advancements that shape our world and improve our quality of life. IP rights play a crucial role in this process by giving inventors and creators and promoting social well-being.”

“We believe a free-market approach can help to achieve some of the SDGs’ goals, for example, SDG 9: Industry, Innovation, and Infrastructure. This initiative is in conjunction with strong IP protections. The Global Innovation Index shows that these goals will not be achieved meaningfully without increasing IP protections.”

“By the time consensus was reached in June 2022, the global vaccination campaign had made substantial progress, with over 12 billion vaccine doses administered. Removing IP protections for COVID-19 vaccines and treatments poses risks. It may disincentivize companies from investing in financially risky technologies in the future, as successful ventures could lose IP protections, impacting their ability to recoup investments.”

Safeguarding intellectual property rights is pivotal for fostering innovation, fueling entrepreneurial endeavors, and driving economic prosperity. When these rights remain vulnerable, products and their distinct markers become susceptible to unauthorized use, dampening the motivation to innovate or explore new markets.

Enhanced intellectual property safeguards empower creators to wield authority over their creations, safeguarding their content, designs, and inventions from infringement. Research consistently underscores that nations with robust IP frameworks not only exhibit higher per capita GDP but also contribute significantly to global biotech advancements and overall development.

IP-intensive industries, constituting sectors like manufacturing, trade, and services, contribute significantly to global economic vitality. IP-intensive firms support tens of millions of jobs, equivalent to 40% of total employment and $7.8 trillion in value added in the United States. In the European Union, more this 61 million people are directly employed because of IP, generating 6.4 trillion Euros. This accounts for more than 47% of the EU’s GDP and a majority of the EU’s trade.

Governments must continue to protect intellectual property rights as these are the most vital aspects of every economy developed and developing economy. As stated in the letter, “By nurturing an environment conducive to creativity and innovation, these nations attract investments, drive technological advancements, and create jobs, ultimately enhancing their citizens’ living standards. Robust property rights encourage entrepreneurship and business development. When individuals have secure ownership of their assets, they are more likely to invest in new ventures.”

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