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IP and Innovation: A Conversation with San Diego’s Rep. Scott Peters

IP and Innovation: A Conversation with San Diego’s Rep. Scott Peters

The U.S. Chamber’s Global Intellectual Property Center this week hosted a business round table discussion with U.S. Representative Scott Peters (CA-52) on the importance of intellectual property (IP) and its many contributions to the innovation economy.  The event took place during the 2017 BIO International Conference in San Diego which showcases the newest advancements in biotech innovation. The Chamber also presented Rep. Peters with The Spirit of Enterprise award for his support of pro-growth, pro-business policies.

“San Diego is known for its innovation economy. The high-tech, biotech, and research development happening here is creating jobs and garnering global recognition,” said Jerry Sanders, San Diego Regional Chamber of Commerce’s president and chief executive officer (CEO). “For those at the forefront of that innovation, it is important that we have strong IP and patent rights in place to protect the products, research, and work that is being done.”

A GIPC report found that in California alone, IP industries are responsible for $104 billion in annual research and development and support 7.7 million jobs. On average, workers in IP industries earn almost 44 percent more than workers in other industries.

“Now more than ever, we need leaders in Congress like Rep. Scott Peters – public servants who are champions for American intellectual property (IP) and the innovation that employs more than 45 million Americans,” said Rich Bagger, Chairman of the Global Intellectual Property Center (GIPC).

“In California alone, IP-driven innovative businesses support almost 8 million jobs and $104 billion in annual research and development investment,” Bagger continued. “California’s leadership in the biosciences – which is on full display this week at the 2017 BIO International Convention – is a key factor in its innovative success story. These medical innovators are creating jobs, making enormous economic impacts, and most importantly, improving and extending the lives of patients here at home and around the world.”

Rep. Peters addressed issues being discussed in Washington that impact IP industries, including: scientific research and STEM education, tax reform, trade agreements, as well as issues facing the biotech industry.

“If people are going to take risks on big drug advances, you have to protect intellectual property and you have to give them a chance for return on their investment,” said U.S. Representative Scott Peters. “We want to protect that innovation system and the incentives that exist here in the United States.”

“We’re very proud of our innovation sector here in San Diego,” Peters continued. “It’s great that BIO is here, and it’s a natural place for BIO to be. They announced today that a new study shows we’re the number two place for genomics. We’re nipping at Boston’s heels. We’re really excited about what’s happening here with those developments.”

The U.S. Chamber also presented Rep. Peters with The Spirit of Enterprise award, which it gives to Members of Congress based on their votes on critical business legislation as outlined in the Chamber’s annual scorecard, How They Voted. Members who supported the Chamber’s position on at least 70 percent of those votes qualify to receive the award.