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Published online by Cambridge University Press: 05 June 2012
In this chapter, we focus on five global challenges for communities and organizations where innovation is swift, and IP rights are a driving force. The first challenge is to create a financial market in IP rights, by increasing liquidity and reducing transaction costs. The second challenge is to promote sustainable innovation in medicine by harnessing the competition between branded and generic pharmaceutical companies as they compete around the world across the boundaries of time and geography. A third challenge is how to drive innovation in response to demands created by the rise of international terrorism. A fourth challenge is to promote environmentally beneficial innovation by effectively integrating IP laws and environmental regulation. Fifth, we outline the strange alliances formed around intellectual property between supporters and opponents of biotechnology. Finally, we consider several possible scenarios of what global IP systems might look like in the future.
SECURITIZATION OF IP RIGHTS
Entrepreneurs are beginning to link intellectual property to capital markets. Intellectual property lacks many of the attributes required for a successful financial market, which have been characterized as follows:
Liquidity – ease of trading, with a narrow spread between buy and sell prices
Transparency – availability of prompt and complete information about trades and prices
Reliability – trades completed quickly and accurately
Enforceability – contract disputes can be readily resolved
Investor protection – regulations inspire confidence, without overregulation
Low transaction costs – trading costs, regulatory costs, and taxes.
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