Intellectual property rights fuel creativity and innovation [Video]

The World Intellectual Property Organization (WIPO) has declared April 26 as World IP Day, a day for all of us to take a moment to recognize the important role that IP rights (patents, trademarks, industrial designs, copyright, etc.) play in encouraging innovation and creativity.

IP rights provide creators and inventors with the confidence to invest in their ideas. Knowing they can control and profit from their work allows them to take risks, experiment, and bring new inventions and creative expressions to life. This fuels the constant churn of innovation that leads to better products, services, and artistic experiences for everyone. Let’s celebrate the crucial role of IP protections in driving innovation, especially in health care, medicine, and other technologies.

Beyond encouraging invention, IP rights also foster healthy competition. They ensure that companies compete on the merits of their ideas, rather than simply copying each other’s work. This drives a constant …