By Ashley A. Bautista
Intellectual property rights directly affect the economic growth and prosperity of a country. The 2012 International Property Rights Index (IPRI) provides concrete data concerning the positive impacts of increased women’s rights to own and manage property, education, and intellectual property (IP), on the gross domestic product (GDP) of 130 countries from around the world.
The Global Intellectual Property Center (GIPC), a branch of the U.S. Chamber of Commerce, found that IP-intensive industries provide 55.7 million direct and indirect jobs, over $5 trillion in national GDP and about three-quarters of U.S. exports. The actual study titled “IP Creates Jobs for America” can be found here; make sure to look up your state and see how intellectual property has directly affected its economy.
Many state legislators have emphasized the findings of this study. Senator Pat Roberts (R-KS) said,
“When you think of Kansas, intellectual property may not automatically come to mind. But, in the Heartland of America, IP is a key component of our daily bread.”
With an ever-growing technological base and new research and development (R&D) advancements every day, it is safe to say that the IP industries are here to stay. IP-intensive industries are valuable assets to our economy and are responsible for keeping us afloat during the economic turmoil that we have endured in recent years.
Our policymakers, representatives and officials need to recognize the vital role that IP industries have in our economy. They should take every measure to protect these industries and companies through legislative means. The study done by the U.S. Chamber of Commerce established that individual states benefit from IP growth.
Some of the many positive impacts from IP related industries are increased wages, new jobs and significant contributions to the GDP at the state and national levels. IP industries must be protected in order to ensure that these benefits continue to be enjoyed by each of the state economies.