IP is necessary to fostering innovation, but in more recent years it has increasingly been recognised for the other benefits it provides. Last autumn’s Observatory-EPO report showed how IP underpins the EU economy, fostering a creative and knowledge-based economy.
IP is the backbone of 52% of the industries in Europe, relying on the whole range of IPRs: copyright, trademark, GI, design, and patents. Some 26% of all employment in the EU (56 million jobs) is provided directly by these industries, while a further 9% of jobs in the EU stems indirectly from IPR-intensive industries – and the average remuneration in IPR-intensive industries is more than 40% higher than in other industries.
IP is critical to the EU, to innovation – and to the pharmaceutical industry. Patients’ lives and well-being depend on the pharmaceutical industry’s ability to invest billions in R&D every year and to innovate every day. IP is so important to the industry because the hurdles it faces in R&D are so high. Patents allow for the possibility that expensive research projects fail, while also protecting these projects while they are in development.
IP is also important to make sure that patients can trust their medicines were manufactured according to high quality standards: This is the role of trademarks, which guarantee the origin and quality of a medicine.
More than 5000 medicines are currently in development globally – and IP is the mechanism protecting these medicines. This year on World IP Day we would like to introduce you to Marty the Medicine – he could be one of the many medicines currently in development that IP is helping to safeguard.
Richard Bergström, EFPIA’s Director General, has blogged previously on the complexities of IP and the fact that it is poorly understood by everyday citizens – the very people it ultimately serves. This is something EFPIA is trying to change: Our new video explains the process of how a medicinal molecule – in this case, “Marty” the Pill – is developed and the essential role that IP plays in his development.
Watch to learn the significance of IP as Marty makes his innovation journey, from starting as a thought in a researcher’s head, to becoming an actual medicine that benefits patients. Stay tuned to the EFPIA website for future episodes featuring Marty the Pill, and an expanding IP section on the EFPIA website.
Finally, as always, we invite you to join in the conversation – all of our blogs are open for comments.1