Why we need Patents

February 26, 2022

Just like it is fair for physical property to be held by the person who owns it, whether it is a car or a house or land that you have paid for it is unfair for somebody else to just take that or use it for their purposes. The same is true of intellectual property. If I invest billions of dollars on something to create a patent or if I create a song that is copyright or if I come up with a trademark which is also an IP those are things in which I have invested and if somebody else can just take them or appropriate them that is not fair. Most people can understand that point.

What is also important to note though is that IP and patents specifically maximize utility and efficiency in human life. The United States has some of the strongest patent and other IP rights in the world and as a result, we create almost two-thirds of new drugs introduced to the world each year, year after year. Our scientific innovations are due in large part, if not primary to patent and other IP protection. They protect artists and innovators who invest the time necessary to come up with those innovations. The drug industry is a perfect example.