Global Dimensions of Intellectual Property Rights in Science and Technology (1993) / Chapter Skim
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13 Biotechnology Case Study
13 Biotechnology Case Study
Pages 319-328
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From page 319... ...
I then relate that history to some questions that have been raised and finally relate my conclusions with respect to biotechnology to the objectives of the conference. As rocky as the road for biotechnology was in the United States, what we see coming up on the world scene is much more difficult, much more serious.
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From page 320... ...
Now, the Chakrabarty decision made it look simple: life forms were patentable. Genentech, Cetus and many others afterwards launched public offerings, recognizing the commercial potential that biotechnology would lead to new discoveries of valuable intellectual property, which could be protected by patents.
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From page 321... ...
Year FIGURE 13-l Venture Capital Disbursements in Biotechnology Source: Venture Economics and Ernst and Young Figure 13-3 shows the amount of capital raised through public stock offerings. In 1991, more money was raised in six months than for many years, and as a matter of fact, when the total figures came in for the year they exceeded $4 billion equal to all the money that had been raised in the previous years since the launching of commercial biotechnology.
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From page 322... ...
~ 3/83 -1 0/83 i 2/85-8/86 3/87-1 0/87 4/84- 1 2/89 3/90 ~ 2/90 its -6/41 S' _ j AMP ~ . ~ FIGURE 13-3 Amount of Capital Raised Through Inkia1 Public Oblongs and Other Public Oblongs Source: Paine Wcbber and Ernst and Young
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From page 323... ...
The first was, What adjustments in intellectual property rights have been made? Well, of course, the first is the allowance of claims to living organisms.
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From page 324... ...
I could say a lot about that, but in actual fact I will cite the record. A Boston court in the United States leaned toward a pretty narrow interpretation of the claims.
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From page 325... ...
. in strengthening international protection of intellectual property rights." We can illustrate that perhaps even more significantly in the biotech industry.
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From page 326... ...
It was very difficult again to get financing, and the feeling was that many companies would go out of business and some did. If we look at the number of financings, we see what has faced this emerging technology and will probably apply to every new technologybig financing surges, dry spells, big surges.
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From page 327... ...
Well, somehow it has to. This sounds unfair to some, but it is equally unfair to have misappropriation of intellectual property.
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From page 328... ...
I think the Patent Office is misleading all of us. In terms of the conference objectives, I would like to close with these thoughts concerning a few final issues: First, with respect to international perception of the importance of intellectual property rights, the world acknowledges that the United States was the pioneer in biotechnology, and that it was done by risk capital, as well as federal support of R&D, originally.
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