TRIPS, Patents and Innovation: A Necessary Reappraisal

Abstract

This think piece examines the issue of patents and innovation in the light of both the TRIPS Agreement and the available evidence. After reviewing the raison d’être of the TRIPS Agreement, it focuses on what can be done within the confines of the WTO to ensure that patent protection stimulates innovation, and that the benefits are in balance with social costs. Towards this, it explores four alternatives to the status quo that would place innovation at the core of the TRIPS Agreement. The think piece concludes with recommendations that should be part of a long-term vision to promote innovation, but emphasizes that the discussion and research for this should begin today.

Keywords: patents, innovation, TRIPS Agreement

JEL Classification: K11, K20, K33, O31, O34