Friday, January 30, 2009

Intellectual Property is the Future Strength for the US Economy

Intellectual Property Experts Mark Blaxill and Ralph Echardt in the their forthcoming Book, The Invisible Edge: Taking Your Strategy to the Next Level Using Intellectual Property are of the opinion that the strength of any country's economy is its innovation and Intellectual Property Reserves. 

They argue that the strength of US is its IP reserves and Innocation. According to them the US is the Saudi Arabia of IP reserves as it hold 33 percent of the world's patent reserves. 

The Intellectual Property Sector is providing a huge trade surplus to the trade accounts of the Beleaguered US Economy. The IP sector alone contributed more than US$ 60 billion in the year 2007. 

The Obama Administration should take steps to protect the plethora of IP which it possesses and not make the mistakes which it made in the past by forcing companies to open their patent portfolios. This move was taken in order to promote 'Competition'. Nearly 50,000 patents were given off, plunging many huge american businesses into a 'competitive crisis'. 

The reforms in the Patent sector these days risk another massive give away of American knowledge and innovation for free, when the country needs it badly for its economic survival.

Only time will tell how the new Obama Administration would deal with this issue and help protect the Knowledge which America has created over a long period of time.

1 comment:

Legal Aid said...

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