The role of patents in Innovation and Economic growth
Economic growth and development are strongly influenced by technology and knowledge, according to recent history. Patents have evolved since the 15th century when they were first created to protect invention companies and encourage economic development. A limited-term exclusive right can allow inventors to recover their R&D costs and investments. Furthermore, it promotes investments that allow the general public to benefit from discoveries through commercialization and marketing. Through the publication of patent company and granted patents, the system disseminates knowledge and information to the public. Patent System The patent system needs to be set up in many countries, especially the least developing countries, to reap the benefits of economic growth and social development. As intellectual property becomes a valuable economic asset in the world economy, these countries need to develop their resources and infrastructure and increase their capacity to benefit from its deve...