Securing and defending IP rights is essential to a company s ability to raise capital and enter into collaborations. Patents help foster innovation, since patents make information on a new innovation publicly accessible in return for a limited term of protection.
Biotechnology is extremely research intensive.
Effective patent protection encourages research. Countries that offer competitive IP protection can attract more investors in the biotechnology industry, Lambert says. Consumers benefit from new innovations and the products that result, such as life saving therapies and diagnostic techniques as well as new crops that lead to greater agricultural yields. Beyond the current legislation, there is a range of issues related to Canada s IP protection regime that need to be reviewed in light of Canada s commitment to being one of the most innovative countries in the world.