What is real
is not external form.”
Several studies have analysed the way that intellectual property rights have contributed to economic development within the European Union (EU). These studies highlight the importance of policies aimed at raising public awareness of intellectual property. According to the findings of these research papers, measures such as trademarks, designs, patents, copyrighting and geographical indications make an economic contribution to the European economy.
The significant findings highlighted by these studies include:
– In the period 2016 to 2018, 63 million jobs were generated in industries whose main purpose was IPR activity;
– Industries that used IPR accounted for 45% of the EU’s total activity (GDP), generating a value of 6.6 trillion euros;
– These industries had the most significant share of EU trade. They also represented the most significant sector in terms of generating a trade surplus and helping maintain the balance of the EU’s foreign trade;
– In 2019, 353 activity sectors were making use of IPR, up from 342 in 2016.
These conclusions attest to the importance of intellectual property’s contribution to economic development. The studies’ findings suggest that although costs related to intellectual property may appear to be fairly high for a business, this cost will be recouped – both financially and in terms of the recognition generated. For example, if a business invests in branding, it will ensure that the brand is both protected and that it will add to the prestige of the company.
The economic efficiency of intellectual property is demonstrated in two ways:
– the strategy of capitalisation of intellectual assets;
– intellectual property marketing strategies, as shown through market entry.
It is well known that intellectual property rights encourage the development of the innovative process. It can thus be seen that this type of intangible asset can be transformed into an economic force that can be used for the social and medical benefit of people around the world.
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