Can existing patent laws and processes encourage new technological inventions and technologies to operate smoothly?
Relevance and importance of the research
The current study explores the connection between intellectual property rights and innovations. There have been growing tensions between the protection of intellectual property rights, and the need to spur technological growth in all parts of the world. The need to ensure the international diffusion of technologies internationally has particularly been illuminated during the COVID-19 crisis, especially with the need to fast-track the production of vaccines. Quite recently, some countries such as the US have declared their intention to waiver COVID-19 vaccine patent rights, which has reignited the old debate on the tensions of IP rights and human rights. The recent developments have thus raised questions on whether there are weakening IP rights internationally, or whether it is necessary to waive such rights at times as a means to encourage the diffusion of innovations. The current research will shed light on these areas, and make recommendations on the necessary steps to strike a balance between IP rights and the greater societal wellbeing.
