By Teodoro B. PadillaDuring the coronavirus disease 2019 pandemic, intellectual property offices supported the fastest development and scale-up of safe and effective vaccines in history, with 13.9 billion COVID-19 vaccines produced to date. The IP framework has provided the basis for more than 380 voluntary partnerships for COVID-19 vaccines to be set up in record time, 88% of which involve technology transfer.
Innovation ecosystems are sustainable when governments, research institutions, and the private sector collectively address the elements necessary to drive investments in new technology and science, underpinned by a stable and transparent rule of law and an incentive system to attract the right people, expertise, and investment.
A stable IP system provides the certainty necessary to build confidence for investments in the creation of technologies. Intellectual property incentives also support technological partnerships by providing the legal framework necessary for collaborative innovation and the exchange of technology and knowledge.
With the success rate of clinical trials being less than 12%, inventing, developing, and launching new medicines is a long, resource-intensive and risky process. However, despite setbacks, risks and uncertainty, the industry continues to invest in pharmaceutical research and development . Medical technologies that benefit patients and manufacturers alike are possible only with huge R&D investments and the protection of intellectual property that make those investments feasible.
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