From Patent to Patient: The importance of IP rewards and incentives
EuropaBio survey findings
To better understand the importance of IP rewards and incentives, EuropaBio conducted a survey among a cross section of key stakeholders, such as small and medium sized enterprises (SMEs) and venture capitalists involved in the healthcare biotechnology community. The main outcomes of this survey have confirmed:
- IP rewards and incentives are crucial to healthcare biotechnology innovation in Europe;
- Many of the innovative medicines benefitting patients today would never have been developed without the IP rewards and incentives framework; and
- As stated in the European Commission’s Renewed Industrial Policy Strategy for Europe2, the EU needs an IP system that really promotes innovation and creativity.
This report summarises the findings of the EuropaBio survey and provides supplementary information on the value of IP rewards and incentives and for the healthcare biotechnology industry.
HEALTHCARE BIOTECHNOLOGY IS AT THE FOREFRONT OF MEDICAL INNOVATION
Healthcare biotechnology is at the forefront of medical innovation and the development of medicines that have made life-threatening diseases manageable and cured many of those once thought to be untreatable.
In recent decades we have witnessed many therapeutic breakthroughs as a result of developments in the field of healthcare biologics. Healthcare biotechnology products account for more than half of all medicines in the market and currently in the pipeline. More than 350 million patients worldwide are benefitting from advanced medicines and therapies that have been created by the healthcare biotech industry.
New biotechnology-based therapies have helped prevent epidemics and eradicate diseases such as smallpox, measles and polio. They enable patients to manage chronic diseases and have benefitted more than 30 million patients in Europe with rare conditions.
THE OXYGEN THAT ALLOWS THE SYSTEM TO LIVE
At the heart of the European healthcare biotechnology industry success has been Europe’s Intellectual Property (IP) rewards and incentives framework that attracts funding and encourages high-risk, complex and long-term research projects.
IP rewards and incentives are often described as the oxygen that allows the fragile ecosystem of healthcare biotechnology development in Europe to live. They fuel innovation and provide the stimulus to drive research and development.