PRA and Brazilian Think Tanks Launch a Letter Promoting IPR Protections and Innovation

The Property Rights Alliance along with the Brazilian free-market think tanks Centro de Liberdade Econômica Mackenzie, Instituto Liberal, Institutio Monte Castelo, Instituto Millenium and Instituto Liberdade e Justiça launched a letter encouraging the Congress and the Bolsonaro administration to promote innovation and economic freedom. The coalition letter was printed in Valor, the leading financial newspaper in the country.

Despite the fact that Brazil is one of the largest economies in the world, its international competitiveness remains hampered by red-tape and heavy-handed interventions in certain sectors. Innovation-intensive sectors such as telecom and pharmaceuticals face uncertainties in regards to protection for their intellectual property rights making long-term investments difficult.

The coalition letter highlights two main improvements needed to enhance their system protection of IP rights. First, to eliminate the excessive bureaucracy businesses are forced to go through in order to have their assets protected. The process should be simple, timely, and inexpensive. Second, having a stable legal framework to protect patents is an essential component to increase confidence in the system. It must be recognized that private contracts and all forms of property will be respected by the government at any time and that they will be intervened only if there is no other option.

Lastly, if the Congress provides speedy the approval of the Provisional Measure of Economic Freedom, they will send a powerful message to investors in creative industries, which is that the government understands, respects and supports the future innovation in Brazil.

Read the full letter in Portuguese here.