Protecting Ip And The Ethical Issues Related - 2204 Words

In a world where innovation, technology, and the digital age is moving at such a rapid rate, Intellectual Property (IP) becomes a hot button across business, law and ethics. In like manner, the complications with protecting and managing IP increases. The demand on IP policy has grown from the need to protect a simple invention, such as a light bulb, to the need to protect an idea, a slogan, or even a gene (i.e. biotech). To further complicate things, IP protections are no longer just in the interest of preserving a trade secret; it is now focused on monetary gains, economic strength and a means for businesses to compete. One can only imagine how complex the issues can become when focused on so many issues. This paper will discuss why†¦show more content†¦By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish. Therefore, IP is a critical piece of our country’s economic development, social and cultural welfare. Enforcement of these protections are relied upon in many industries, scientists and not to mention, many artists. It helps to foster competition, betterment, creativity and innovation. In addition, the American consumer benefits as IP ensures they are purchasing products that are safe and effective. Given these points, there is no doubt that IP rights must be protected in order for the U.S. to continue to be productive. One key reason protecting IP is important is its impact on the U.S. job market. IP industries put forty million Americans to work and it is expected that as technology continues to advance, those industries will continue to grow and do so rapidly. This is expected to happen not just in the U.S., but globally. In addition, IP intensive positions tend to pay higher salaries averaging about $50,576 per employee in comparison to the national average of $38,768. (U .S. Chamber of Commerce, 2016) IP is also a key aspect of the overall U.S. Economy. With IP intensive industries accounting for more than one third of the U.S. GDP, it has become key to the country’s economic growth. Currently, U.S. IP is worth $5.8 trillion, more than the nominal