Exchange of Intellectual Property Trade Good for Economy
Industries that trade in intellectual property contribute $5 trillion and 40 million jobs to the American economy, according to a report released by the Commerce Department.
“Strong intellectual property protections encourage our businesses to pursue the next great idea, which is vital to maintaining America’s competitive edge and driving overall prosperity,” said Deputy Commerce Secretary Rebecca Blank.
Industries predominantly driven by intellectual property include computer and peripheral equipment, audio and video equipment, newspaper and book publishers, pharmaceuticals and medicines, medical equipment and semiconductor and other electronic components.
One of the driving forces behind these industries is broadband Internet, which helps drive innovation, and, according to FCC Chairman Julius Genachowski, created more than 22 million jobs over the past 15 years.
According to the report, titled “Intellectual Property and the U.S. Economy: Industries in Focus,” these industries support 34.8 percent of U.S. gross domestic product, demonstrating that IP is a critical component of driving our U.S. economy.
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