America’s extraordinary economic machine would simply not be possible without some of the strongest intellectual property (IP) protections in the world. Many of the healthcare breakthroughs to prevent and treat COVID-19 would never have happened without robust IP protections. Quite frankly, inventors of all sizes simply wouldn’t have the incentive to invest countless amounts of time and money into products that could easily be ripped off by copycats if the U.S. didn’t protect IP. Despite the success and necessity of robust IP rights, it is all-too tempting for policymakers and pundits to turn patent protection into a boogeyman for any trend they don’t like.
The New York Times’ recent piece bemoaning the rise of pharmaceutical “patent thickets” is just the latest case study in spurious correlation. Despite the Editorial Board’s assertions, there’s little evidence linking the heavy patenting of products with price increases and anti-competitive practices. America’s healthcare system direly needs reform, but short-circuiting IP protections will make things worse.
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