Intellectual Property – The Economic Booster 02/05/2013Posted by Morse, Barnes-Brown Pendleton in Legal Developments.
Tags: economic booster, ESA, intellectual, USPTO
By: Andrew Bunin
Last year the U.S. Commerce Department published a report on the role intellectual property (IP) plays in the economy. The report found that IP-intensive industries support at least 40 million jobs and contribute nearly 35% ($5 trillion) of the U.S. gross domestic product (GDP). It also proved that between 2010 and 2011, direct employment in IP-related industries increased 1.6% faster than the 1% growth in all non-IP industries, and merchandise exports of IP-related industries accounted for 60.7% of total U.S. merchandise exports. Considering these statistics, it comes as no surprise that the current Administration has made an effort to protect IP through the modernization of current patent and trademark systems. Deputy Commerce Secretary Rebecca Blank commented on the necessity of supporting intellectual property today:
Strong intellectual property protections encourage our businesses to pursue the next great idea, which is vital to maintaining America’s competitive edge and driving our overall prosperity. The IP protections we put in place today are helping support economic security for America’s middle class now and in the years to come.
The report titled “Intellectual Property and the US Economy” was prepared by the US Commerce Department’s Economics and Statistics Administration (ESA) and the US Patent and Trademark Office (USPTO). Please find the full report here.