What are Intellectual Property Rights (IPR) and why are these violations important?
Intellectual property is a creation of an individual’s intellect. The law grants an individual ownership rights over this intangible property, just as the law grants ownership over material things. IPR violations are estimated to cost the U.S. economy approximately $200 billion annually. These huge potential profits attract organized crime and official corruption. Beside the economic damage to individuals and businesses that may occur, IPR violations can also affect America’s public health and safety. For instance, counterfeit pharmaceuticals may not effectively treat a condition or may cause other harm through adulteration. Another example would be that of electrical devices with counterfeit markings that may pose shock or fire hazards.
