A public policy is referred to as a course of action enacted or created by the government while responding to a public problem. In the United States, several public policies have been enacted concerning different industries to advance an individual’s or country’s economy. This paper will cover intellectual property (IP), being among numerous public policies that spur the economy, their life cycle, integration of their social and legal frameworks; as well as the advantages and disadvantages of IP entitlement.
Intellectual property is a wide category description of a set of intangible assets that are legally protected and owned by a company or individual and cannot be used by others without the owner’s consent. Some examples of intellectual property are patents, copyright, trademark, and franchise. Intellectual property rights are legal policies granted by the US government to inspire creativity and innovation by guaranteeing the innovator obtain the benefits of their creation (Congressional Research Service, 2020). The protection and implementation of intellectual property rights is a critical and longstanding element of the American international trade policy and a negotiating goal.
Chronological Lifecycle of the Intellectual Property Policy
In the early 1800s, the indication of worldwide protection of intellectual property rights was introduced to several legislative agencies. However, it was not until 1883 that the Paris Convention deliberated cooperation and clarity among international dominions. In the United States, Congress has legislative, appropriations and oversight mandates linked to intellectual property and trade policy in general. Somehow from 1988, congress places IP rights as a fundamental issue for the US negotiating goal and has since passed laws such as ‘special 301’ to enhance enforcement and protection of intellectual properties of Americans in the global market.
Integration of Applicable Social and Legal frameworks of Intellectual Property Policy
According to de Beer (2016), governments all over the world have long-term interests in formulating IP policies based on concrete evidence. The rise of the complexity of intellectual property policy frameworks and disputes related to them confuses. Several industry-sponsored reviews suggest there are benefits of IP protection, primarily to justify self-interest policy revisions. The US government has undertaken efforts to progress evidence-based intellectual property policymaking through the passing of the PRO-IP Act by congress whereby the accountability office is mandated to offer information on a single IP matter (de Beer, 2016).
Advantages and Disadvantages of Intellectual Property Entitlements
Evidence suggests that IP drives a substantial portion of the market value of individuals and enterprises today. IP rights do not safeguard concepts or ideas, but they protect frank business assets that are significant to companies or individuals’ products or services. IP protections are connected to the profitability or success of the business. The advantages of possible entitlement include; enhancing market value; turning ideas into profit-profit-making ventures; marketing the firm’s products and services. On the other hand, the disadvantage of IP is that patents are expensive to obtain and they sometimes translate to short financial life; copyrights secure the statement of the idea and not the idea itself. Moreover, there are no statutory restrictions on the trademark’s life. Though intellectual properties have monetary value they have complexity in obtaining and securing them.
Past Performance and Recommended Improvements for Intellectual Property
In the past IP, policies were not effective and they could not benefit innovators since different states had different rules. An innovator could be accorded patent rights in one state, only to be infringed in the neighboring state. The IP rights became effective after being enacted across the country and internationally by Congress legislations. Nevertheless, the IP policies can be improved by standardizing ideas with standards associations, while protection of the IPs should be conducted immediately after innovation has been realized.
Congressional Research Service (CRS). (2020). Intellectual property rights and international trade. Fas.org. Web.
de Beer, J. (2016). Evidence‐based intellectual property policymaking: An integrated review of methods and conclusions. The Journal of World Intellectual Property, 19(5-6), 150-177. Web.