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Innovation, Patents And Economic Growth

In: Innovation In The Biopharmaceutical Industry

Author

Listed:
  • RIFAT A. ATUN

    (Centre for Health Management, Tanaka Business School, Imperial College London, London, SW7 2AZ, UK)

  • IAN HARVEY

    (Intellectual Property Institute, London, UK)

  • JOFF WILD

    (Intellectual Asset Management Magazine, UK)

Abstract

Empirical evidence demonstrates the value of intellectual property (IP) in creating economic growth, enhancing productivity and profitability, and increasing enterprise value. Research and Development (R&D) intensive industries, such as the life sciences, where patents are critical to competition, need an enabling environment to institutionalise innovation and IP generation and reward investments in IP.The US has approached IP strategically and created an IP infrastructure. Japan aims to develop into an “IP nation”. China has an increasingly well-developed IP system. In contrast, the European Union (EU), which aims to become the world's leading knowledge-based economy, has a fragmented and expensive system of national patents. It lacks an environment which values investment in IP generation and management.Until recently, the EU enjoyed global competitive advantage in the life sciences, but this advantage has been lost. To regain this competitive advantage the EU must invest substantially in R&D, IP generation and commercialisation of these outputs.

Suggested Citation

  • Rifat A. Atun & Ian Harvey & Joff Wild, 2007. "Innovation, Patents And Economic Growth," World Scientific Book Chapters, in: Rifat A Atun & Desmond Sheridan (ed.), Innovation In The Biopharmaceutical Industry, chapter 4, pages 65-83, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812770974_0004
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    Citations

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    Cited by:

    1. Fukuyama, Hirofumi & Tan, Yong, 2022. "Implementing strategic disposability for performance evaluation: Innovation, stability, profitability and corporate social responsibility in Chinese banking," European Journal of Operational Research, Elsevier, vol. 296(2), pages 652-668.
    2. Nguyen, Canh Phuc & Doytch, Nadia, 2022. "The impact of ICT patents on economic growth: An international evidence," Telecommunications Policy, Elsevier, vol. 46(5).
    3. Omer Majeed & Jonathan Hambur & Robert Breunig, 2024. "Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data," RBA Research Discussion Papers rdp2024-01, Reserve Bank of Australia.
    4. Emrah Sofuoğlu & Oktay Kızılkaya & Emrah Koçak, 2022. "Assessing the Impact of High-Technology Exports on the Growth of the Turkish Economy," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 9(1), pages 205-229, January.
    5. Kais Mtar & Walid Belazreg, 2023. "On the nexus of innovation, trade openness, financial development and economic growth in European countries: New perspective from a GMM panel VAR approach," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 766-791, January.
    6. Doran, Justin & Ryan, Geraldine, 2019. "Does nanotechnology research generate an innovation premium over other types of research? Evidence from Ireland," Technology in Society, Elsevier, vol. 59(C).
    7. Kais Mtar & Walid Belazreg, 2021. "Causal Nexus Between Innovation, Financial Development, and Economic Growth: the Case of OECD Countries," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(1), pages 310-341, March.
    8. Viju Raghupathi & Wullianallur Raghupathi, 2017. "Innovation at country-level: association between economic development and patents," Journal of Innovation and Entrepreneurship, Springer, vol. 6(1), pages 1-20, December.
    9. van der Waal, Mark B. & Feddema, Jelle J. & van de Burgwal, Linda H.M., 2023. "Mapping the broad societal impact of patents," Technovation, Elsevier, vol. 128(C).
    10. Edwin Garces & Tugrul Daim, 2012. "Impact of Renewable Energy Technology on the Economic Growth of the USA," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 3(3), pages 233-249, September.
    11. G. Alenka Guzmán Chávez. & Hortensia Gómez Víquez. & Francisco López Herrera., 2018. "Patentes y crecimiento económico, el caso de México durante el TLCAN," Economía: teoría y práctica, Universidad Autónoma Metropolitana, México, vol. 0(2), pages 177-204, Agosto.

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