Supreme Court Decision Will Keep Biotech Sector Competitive During Tough Economic Time
OTTAWA --(Business Wire)-- The Supreme Court's unanimous decision to uphold selection patents, issued today, helps keep the biotechnology sector competitive as it seeks international investment during these difficult economic times, in the view of BIOTECanada, an intervener in the case.
"Strong intellectual property protection is a fundamental competitive advantage in today's global economy," said Peter Brenders, President and CEO of BIOTECanada. "The decision to uphold the validity of selection patents will strengthen the certainty of our patent system and assist Canadian biotechnology firms in attracting international investment during these difficult times."
Agriculture, industrial and health biotech companies, as well as inventors in other sectors of the economy, for example manufacturers, rely on selection patents to spur research into products and processes described in prior patents. Selection patents increase research by encouraging inventors, through patent protection, to study and find advantages of previously patented material.
"We are very pleased that the Supreme Court understood the position advanced by BIOTECanada, in explicitly mentioning the biotechnology industry in its decision," said Peter Wilcox of Torys LLP, counsel for BIOTECanada on this case. "The Court recognized the importance of the patent system in providing economic encouragement for research and development in the biotechnology field."
Canada's biotechnology industry is composed of over 550 companies. In application, the innovative products and processes from these companies contribute to a broader bio-based economy worth 6.40% of Canada's GDP, or $ 78.3 billion, and create 1 million Canadian jobs.
"Our industry is founded on invention and innovation," said Brenders. "This judgement provides business certainty and will help our sector in its objectives of continuing to invest in Canada, do research here, and build a strong economy."
ABOUT BIOTECanada www.biotech.ca
BIOTECanada is dedicated to the sustainable commercial development of biotechnology innovation in Canada. It is the national industry-funded association with over 230 member companies representing the broad spectrum of biotech constituents including emerging and established firms in the health, industrial, and agricultural sectors, as well as academic and research institutions and other related organizations.
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