Discuss importance of Intellectual Property Assets.

Intellectual property rights are extremely important to the competitiveness of the US and other post-industrial economies. The completion of the most recent round of GATT negotiations is significant for many reasons, not least because "TRIPS" (Trade Related Intellectual Property Rights) – such as patents, copyrights, trademarks, trade secrets – have been accepted as an area to which internationally-recognized rules and disciplines apply. Protection and enforcement of these rights are critical to many global industries, including research based pharmaceuticals, whose livelihood and ability to contribute to the world depend upon innovation.

The effort to secure intellectual property rights demonstrated the importance of industry government co-operation and of consensus building among the business communities of the developed world. It was a long and complex process.

By the early 1970's, it became clear that tougher global competition lay ahead for US business. Industry needed to be more vocal in letting government know when international regulations were unfairly tilted against us, particularly in the areas of investment and intellectual property protection. The necessary progress on these issues could not come without strong support from the US government.

The industry became more active in the policy arena and by the next decade, our efforts began to bear fruit. Both the White House and the Congress enacted policies and legislation which enhanced the visibility of intellectual property and bolstered our negotiating positions both in bilateral and multilateral fora. Having been successful in ___ _____ ______ ______ ___ _______.
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