Ethics and Intellectual Property

Discuss a current ethical issue in the business world that arises out of intellectual property. Research and discuss at least one case to illustrate the ethical issue. Some areas to consider include:

Explain why it is important to protect intellectual property.
Determine how intellectual property should be protected.
Examine if intellectual protections ever go “too far.”
Propose the proper balance between content producers and the public good.
Your well-written paper should be three to four pages in length, not including the title or references pages. Include a minimum of three credible sources beyond the textbook.

ANSWER

Ethics and Intellectual Property

Overview to Intellectual Property and Protection

Intellectual property covers products emerging from human intelligence where the law protects them against use by other unauthorized users. Upon developing these products, individuals obtain rights that portray the uniqueness of their work. Thus, no other person can use their idea or product at large without their consent and approval. Protecting intellectual property is a crucial move that helps in boosting innovation. Notably, it helps artists to gain optimal benefits and compensation due to their work. Trade secrets, trademarks, copyrights, and patents exist as viable ways of safeguarding a company’s products and services from unauthorized persons seeking to benefit from it. Ethical issues have become a central factor of interest in the intellectual property protection approach, with the exclusion problem being one of these key challenges. A Current Ethical Issue in Business Associated with Intellectual Property (IP)

One of the common ethical issue associated with intellectual properties is the ‘exclusion problem.’ This is where some consumers are unable to obtain a product or service because of these protections. It excludes a segment of potential buyers into accessing essential elements based on the high prices established by the creator enjoying these rights. For example, in the healthcare industry, pharmaceutical companies obtain intellectual property protection rights to enjoy premium prices for their products. These high prices push potential buyers and consumers out of the market due to a lack of affordability (Sonderholm, 2010). Considering that the company is the only dealer producing and selling this product, this is a key challenge for low-income households. Their willingness and ability to purchase the product or service at a lower price is challenged by the lack of another dealer because the company at hand enjoys protection rights. Thus, the exclusion problem becomes a moral problem, especially when dealing with life-threatening issues where consumers cannot access similar products or services at cheaper prices based on high IP-protected drugs. However, amidst this concern, there is a dire need for businesses to protect their ideas against copying or theft that could threaten their relevance and achievable benefits.

Importance of Protecting Intellectual Property

Intellectual property drives innovation and growth. Protecting intellectual products is a crucial way of ensuring that communities accelerate innovation. When an individual or group of people commence an idea, the intention is to pursue it to full realization. However, if someone else taps into their idea, this can limit the innovation at hand. Thus, protecting intellectual properties helps safeguard business ideas to achieve the full benefits of their inventions. It also ensures that the persons involved can focus more on research and development as they are guaranteed protection. The other major reason for protecting intellectual properties is to enable the creators to compensate for their ideas. Saha and Bhattacharya (2011) note that this protection offers exclusive rights for inventors to reap from their creative work commercially. Innovation is not as easy a process as it takes numerous time and resources. If a person’s idea is stolen, they stand to suffer massive losses. Therefore, protection guarantees full compensation for their creations.

Protecting Intellectual Property

Protecting intellectual properties is a critical approach that safeguards persons or business interests. There are different ways of protecting properties. As Hallenborg, Ceccagnoli, and Clendenin (2008) state, trade secrets, copyrights, trademarks, and patents are common perspectives of intellectual property protection existing globally. Through trade secrets, businesses can protect their ideas by safeguarding their corporate secrets. If another company acquires these secrets, they risk losing their uniqueness and authenticity in the market. For instance, a hospital can keep a particular procedure a secret to avoid its idea being stolen or copied by another service provider. Patents are another way of protecting intellectual properties. When a company has a patent, its guaranteed protection for a limited duration. Thus, others cannot make or sell a similar product. Copyrights are another way of ensuring that firms are offered optimal protection against property rights attacks. It enables authors and other content creators to protect their content against use by other individuals. Lastly, intellectual properties should be protected through trademarks. Businesses must have symbols or other elements that distinguish them from other product or service manufacturers in the market. The symbol protects their ideas and other associated contents.

Assessing if Intellectual Protection ever goes “too far.”

Intellectual protections seek to cater to the needs, interests, and expectations of creative and innovative minds. Unless they are guaranteed optimal protection, they are less likely to achieve the targets they desire. The established intellectual protection rights and associated approaches are driven to ensure increased motivation for them to undertake their innovative plans. Ideas lacking intellectual protection attract competitors who can undercut the creator (Jolly, Fletcher & Bourne, 2012). Protecting ideas reduce the chances of another creator emerging to release a similar product or service. Thus, intellectual protection should be as robust as possible to ensure that creative minds achieve their targeted milestones and objectives. Unless these laws are strong, these individuals risk losing their authenticity and relevance in the market. However, some circumstances call for lessened IP laws and regulations. For instance, in the healthcare domain, companies that sell highly demanded products might offer high-priced products and services that are less likely accessible by the average person. Due to IP rights, other potential companies capable of producing and selling similar products or services cannot satisfy the needs of the average market consumers. Thus, in such cases, intellectual protection can be deemed as going ‘too far.”

The Balance between Content Producers and the Public Good

A temporal monopoly for intellectual property protection is ideal for creating a balance between content producers and the public good. When the government offers this temporal monopoly, businesses enjoy protection for a specific time. After the time lapses, the government can assess the success level associated with the idea. If it fails to meet the expected targets, the government can release the content idea into the public domain. This allows other potential individuals or businesses with the capacity to generate a similar idea to declare their interest in undertaking this innovation opportunity. Also, due to emerging market needs, potential businesses can fill available gaps. Thus, the key behind the balance between content producers and the public good is temporal monopoly protection for intellectual property rights.

Conclusion

Intellectual property protection is a concept that has risen in demand lately due to the risks and threats innovators face in the market. Since these innovators have spent massive resources to generate these ideas, it is essential to offer the optimal protection. However, these laws should also consider the needs and interests of the public domain. Thus, the government should offer a temporal monopoly to pave the way for other potential product and service innovators to satisfy emerging market needs. Overall, IP is a crucial strategy that allows creators to pursue their innovations and reap from their investments.

References

Hallenborg, L., Ceccagnoli, M., & Clendenin, M. (2008). Intellectual property protection in the global economy. In Technological innovation: Generating economic results. Emerald Group Publishing Limited.

Jolly, M., Fletcher, A. C., & Bourne, P. E. (2012). Ten simple rules to protect your intellectual property. PLoS computational biology, 8(11), e1002766. https://doi.org/10.1371/journal.pcbi.1002766

Saha, C. N., & Bhattacharya, S. (2011). Intellectual Property Rights: An overview and implications in pharmaceutical industry. Journal of advanced pharmaceutical technology & research, 2(2), 88.

Sonderholm, J. (2010). Ethical issues surrounding intellectual property rights. Philosophy Compass, 5(12), 1107-1115.