What are intellectual property rights, and why are they important?
Intellectual property is a legal concept developed to protect the ideas of creative people from unauthorized copying or imitation. Intellectual property law covers several major classes, including patents, trademarks, copyrights and trade secrets (also called “know-how”). The pharmaceutical industry largely relies on patents to protect its innovative products. Patent systems require an inventor to share the knowledge behind the invention in order to obtain an intellectual property right. In exchange, the inventor receives protection against imitation for a limited period of time and accepts that after patent expiration the invention falls into the public domain and can be freely used. This balance between the sharing of knowledge and protection of innovation helps provide an environment that stimulates innovation and economic development. Protecting innovation is critical to the future growth of developed and developing countries alike. The 21st century will be a century of ideas, and
