There is a lingering perception among some that intellectual property management strictly concerns the accumulation of wealth from one's ideas. However, a new study from the European Patent Office once again confirmed the salutary effect IP-intensive industries has on the economy as a whole.
Joint research conducted by the EPO in cooperation with the Office for Harmonization in the Internal Market noted that nearly 40 percent of economic activity in the European Union derives from IP-intensive industries. These same segment are directly responsible for 26 percent of all employment - and an additional 9 percent indirectly.
"For innovative companies, intangible assets have become extremely important," EPO president Benoit Battistelli said. "Especially for [small and midsize enterprises], but also research centers and universities, patents often open the door to capital and business partners."
The researchers also highlighted the broad array of vocations supported by strong IP protections. While electronics manufacturing and pharmaceutical research may consistently be the largest economic contributors, industries as diverse as dairy production and mineral extraction are supported by similar legal tenets.