Major intellectual property crimes hurting inventors

President Abraham Lincoln famously said that the US patent system adds “the fuel of interest to the fire of genius.” Intellectual property (IP) rights assure inventors, industrial designers, and creative artists that their ideas will be protected. They can receive payment for the use of their creations and continue to invest in future innovations. Because of the strong IP rights control in the United States, IP-intensive industries account for nearly one-third of all employment and approximately 40 per cent of the US GDP. That’s an estimated $6.6 trillion.

In Kenya, the benefits of strong IP systems are enormous. According to the US Chamber International IP index, economies with robust IP protection are 26 per cent more competitive globally, 39 per cent more likely to attract foreign investment, and 55 per cent more likely to adapt sophisticated technology. Conversely, intellectual property crimes hurt us all. For instance, counterfeits compete with legitimate manufacturing, having a global impact in lost jobs, reduced return on investment, and often, reduced tax revenue. The US economy annually suffers an estimated $180 billion from theft of trade secrets; $18 billion from pirated US software; and $29 billion in displaced sales due to counterfeit and pirated goods.