Chamber president supports intellectual property as the root of innovation
"The roots of American innovation can be found in our strong intellectual property protections, which incentivize creativity by allowing those who conceived or developed an idea to reap the rewards of its success," Thomas Donohue said.
Donohue noted the foundation for producing quality intellectual property was first recognized in Article One of the U.S. Constitution. There, the very first protection rights were made clear.
"The model has worked beyond the wildest dreams of even those great visionaries," he said. "[Intellectual property] is a major driver of our economy today, supporting more than 45 million jobs in 81 industries and contributing more than $6 trillion in GDP," Donohue said.
Although the U.S. is high in production of intellectual property, Donohue worries it can easily be transferred illegally to other countries.
"In our digital economy, if a song, movie, or piece of software created in America can be offered online for free in another country, then it can be downloaded illegally all over the world," he said "Physical counterfeits can also be sold in online marketplaces and shipped internationally with surprising ease."
To make sure there is better enforcement over this, Donohue said intellectual property rights will be a major focus of the U.S. Chamber's Global Intellectual Property Center this year.