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Summary Patents and innovation introduction lecture
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Patents and innovationWhat is innovation
-> new and original products, services, ideas
-> which are used in a market or society
-> add a value to a company and/or have impact on a society
Protecting innovations
• By granting exclusivity on the market return on investment
• Patent protection rewards creators for innovations that are commercially
successful
• Society benefits from the innovative products and the economic
opportunities which creates the competitive advantage for the innovators.
• The revenues from these technologies provide the financing of additional
research and development efforts.
• The patent process turns an invention into a commercial asset (which
can be sold or licensed)
• Intellectual property (IP) assets such as patents can also attract
investors to the business.
• The information about the invention which is made public can inspire
future creations, which may lead to additional patented innovations.
• The mapping of patent information allows policymakers to see where
valuable R&D is occurring shape policy and regulation to support
innovation.
Is there need to innovation?
• Innovation is vital to competitiveness in the global economy. Research
leads to improved goods, services or processes for the market.
• Studies show that those companies that prioritise innovation are also those
that experience the highest turnover.
How has recent innovation affected your life?
-> major impact: internet, mobile applications, healthcare solutions
-> smaller: ChatGPT, electronic bikes, electronic payment at festivals
Innovation is stimulated by the government
increase spending on research and development
invest in education
tax incentives
create environment which facilitates the starting up of new companies
(and the closing down of unsuccessful ones)
Innovation is stimulated by European initiatives
Innovation at universities
’Knowledge-based innovations’ are not only developed within
‘industry’ -> a lot of innovations have their origin in university research
Public research organizations such as universities need to transfer
their knowledge and innovations to industry for it to be implemented
Industry needs the knowledge developed at universities to remain
competitive
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, This transfer is necessary to successfully sustain a ‘knowledge-based
economy’.
Basic principle of IP rights
• Need to reward innovators to stimulate innovation
• Need for ‘innovators’ to publish their ‘innovations’ -> patents are
published documents
• Patent rights: a right of a patent holder to stop others from
commercializing the ‘innovation’ without permission, in return for which
the innovation is published
But why do intellectual property rights exist?
• To promote innovation: by offering
o time-limited exclusivity which leads to
o return on investment
o further resources to invest in research
o knowledge is shared -> so that research advances.
• It is a contract between society (receives knowledge) and the inventor
(receives exclusive rights).
• You get exclusivity in return if you make the information public
Importance of IP rights
-> brining innovation to society
-> support innovation
-> necessary for some business models where there is a high risk and huge
investment
Importance of exclusivity in the drug development
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