Improvements Needed in Anti-Piracy Work
A study on counterfeiting and piracy has revealed that this illegal industry is, in fact, flourishing, sending signals to both the public and the private sector about the need to improve anti-piracy and anti-counterfeiting efforts. The European Union Intellectual Property Office (EUIPO) and the Organisation for Economic Co-operation and Development (OECD) released a joint report in 2016 including an in-depth look at the global piracy trade.
Although counterfeiting has long been an issue in international trade, the current transition towards a knowledge economy has led to intangible and intellectual assets increasing greatly in value. Naturally, this makes intellectual property (IP) a greater target for criminals seeking to benefit from the work of others, and the need for anti-piracy measures has become more evident.
The study has also demonstrated the importance of IP rights within the European Union. According to the report, industries with a high density of IP rights represent a large share of the total European Union GDP. Firms that apply to have trademarks and other IP registered are also shown to employ more people than others, as well as showcasing a higher revenue per employee than companies who do not register their IP.
This report has not only shed great light on a growing issue; it has also demonstrated the importance of registering trademarks in order to protect brands and other intellectual property.
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