U.S. Leads World in Protecting Work of Entrepreneurs and Artists, But New Policies Pose Risks, U.S. Chamber Research Shows

Published

February 22, 2024

Washington, D.C. – Today, the U.S. Chamber of Commerce released the 12th edition of its International IP Index (IP Index), underscoring the pivotal role of intellectual property (IP) rights in driving innovation, creativity, economic investment, and improving quality of life.

The comprehensive research reaffirms the importance of IP rights as the backbone of free enterprise and how these constitutionally enshrined protections are vital to develop, commercialize, and distribute groundbreaking inventions and creative works.

"From its inception, the United States has led the world in safeguarding the innovations and creations of inventors, entrepreneurs, and artists, but recent government actions threaten to cede America's competitive advantage and are cause for deep concern,” said Tom Quaadman, Executive Vice President at the U.S. Chamber of Commerce. "The Biden Administration's unprecedented proposal to confiscate the intellectual property of businesses in sectors like medicine and energy will damage the nation's ability to lead tomorrow's innovation economy."

The IP Index also serves as a compass to guide world leaders on proven methods to champion innovation and creativity at home. With this data, they can see what's working, what's not, and what changes are needed to ensure a brighter future.

"The push by multilateral organizations to coerce companies to surrender their technology and know-how to foreign competitors is something the U.S. Chamber is actively fighting against," Quaadman said.

Key Highlights from the 2024 International IP Index

Global landscape: The Index evaluates the IP frameworks of the world's top 55 economies, revealing significant improvements in 20 economies. While the United States is once again the world leader, there were notable advancements led by Saudi Arabia, Brazil, and Nigeria. However, challenges persist, as 27 economies showed no change and eight, including Ecuador, experienced declines due to weak IP enforcement.
Policy pitfalls: The report calls attention to critical debates and policy proposals that could impact global IP rights, including discussions on IP waivers in Geneva, confiscation of business property through "march-in" abuse in the U.S., and proposals to reduce IP standards in the EU, all of which jeopardize the future trajectory of global IP policy.
Turning the tide on piracy: Progress in combating online piracy is highlighted, with new economies like Argentina and Brazil adopting dynamic injunctions to protect copyrighted works online.

IP-intensive industries continue to be a major economic force in the United States, supporting tens of millions of jobs and contributing approximately $7.8 trillion to the American economy, which accounts for about 40% of the nation’s GDP.