World Ip Day 2024: Supporting an Innovative and Sustainable Future

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It's World Intellectual Property Day, and the pharmaceutical industry is taking note.

In a press release, the industry's trade group, the Pharmaceutical Research and Manufacturers Association, notes that patents and other intellectual property (IP) are key to the development of new medicines and vaccines, which "dramatically reduce the disease burden on patients and help people avoid hospital stays, physician office visits, and other costly health care services."

It adds that, unlike other parts of the health care system, "innovative medicines become low-cost generics and biosimilars that provide long-term value to individuals and society."

As such, "None of this is possible without strong IP protections to encourage medical breakthroughs."

The Washington Post, however, takes issue with PhRMA's assertion, noting that patents and other protection aren't always necessary to bring new medicines to market.

For example, the patent on Enbrel, a treatment for multiple sclerosis, expired in 2004, and since then, generic versions of the drug have hit the market almost every year.

The Post also notes that, per the World Intellectual Property Organization, some 200 million patents and other intellectual property claims were filed in the US in 2016.

(On the other side of the aisle, Sen.

Rand Paul has a plan to

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