Intellectual Property and Innovation: A Critical Assessment of Patent Law and Economic Growth
DOI:
https://doi.org/10.59075/knmccf04Keywords:
Monopoly Rights, Research and Development, Market Competition, Technology Access, Legal ReformsAbstract
Patent law plays a crucial role in fostering innovation and driving economic growth by granting temporary monopoly rights to inventors. This study critically examines the effectiveness of patent law in promoting technological advancements and economic development. The research explores whether patents truly incentivize innovation or create monopolistic barriers that hinder competition and access to knowledge. It also assesses the impact of patents on developed and developing economies, highlighting the challenges of patent thickets, evergreening, and high patenting costs. Using a doctrinal research approach, this study analyzes legal frameworks, economic theories, and empirical data to evaluate the correlation between patent protection and economic growth. The findings reveal that while patents encourage research and development (R&D) in high-tech industries, they may also stifle innovation by creating barriers to entry for small businesses and restricting access to essential technologies. The study suggests that reforming patent laws—through anti-evergreening measures, simplified patenting procedures, and flexible licensing—can help strike a balance between incentivizing innovation and ensuring public access to technology. This research contributes to the ongoing debate on intellectual property rights by offering policy recommendations to optimize patent law’s role in sustainable economic growth and equitable technological progress.
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