BCOR 1015 Lecture Notes - Lecture 6: Basic Books, Financial Times
Document Summary
Intellectual property a vital incentive for pharmaceutical innovation. The mystery of capital: why capitalism triumphs in the west and fails everywhere else. Possibilities of royalties push people to create. Protection through patents= incentive to put your ideas out there, so that you can monetize them and thus incent other people to move beyond them. The whole idea of intellectual property is protection: protecting the invention (patents, protecting the brand/symbols (trademarks) 3rd world countries don"t protect very well black market for ideas, etc: people can"t even afford to buy the licensing required, so they just copy. All intellectual property (patents, trademarks, etc. ) are not valuable unless you enforce them. The innovators (original creators as well as the people who use the idea to create their own) Society as a whole: new drugs. 3rd world countries lack the funds available to hire experts about patents (or haven"t developed the expertise in their country yet)
