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Christen JohnsonAmerican Public University SystemBUSN 623 I003 Spring 18Midterm EssayJune 3, 2018Dr. Linda Mae Ashar1 | P a g e
Intellectual property plays a vital role in the business environment and comes in several different formats such as patents, copyrights, and trademarks. A copyright allows the owner to restrict the use and access of the content or material. This usually covers movies, textbooks, pictures and etc. Trademarks were designed to restrict illegal use of a company’s name or slogan design. (Business Law and the Legal Environment, 2018) Some well known trademarks include the Nike swoosh, the McDonald’s arch, the General Electric symbol. Patents give a business the sole ownership and the legal rights to make, use and sell an invention. (Business Law and the Legal Environment, 2018) The market for intellectual property is rapidly growing. “The U.S. Patent and Trademark Office received 440,768 new trademark applications in 2017, which was almost 14% over 2016's number.” (Why Intellectual Property is Important for Your Business and What You Should be Doing Now to Protect It, 2018)Patent infringement is more common than trademark or copyright infringement because it is often more lucrative; however, they are both still very serious issues. Movie and music piracy is a popular form of copyright infringement that has been an ongoing issue for decades. It has major economic consequences that result in loss of jobs and revenue. Copyright infringement is common with the copying and reproduction of textbooks for high school and particularly, collegestudents as they are always looking for ways to save money as textbooks are extremely expensive.The United States’ patent framework had not been meaningfully updated since the Patent Actof 1952. There have been several unenacted patent reform bills presented before Congress; however, none were ever made official. The federal government attempted to overhaul the patentframework with the initiation of The Patent Reform Act of 2011. The proposed Patent Reform Act of 2011 cited changes that would significantly impact the pharmaceutical industry. Despite 2 | P a g e
the Act’s proposal being backed by many influential people from various different industries, such as large manufacturers, pharmaceutical companies, lawyers and research universities, it wasnever put into practice. (United States: Patent reform poses risks to innovation, 2011) In the case of Acme vs Beta, Acme has a case against Beta for patent infringement when theyutilized Acme’s patent to manufacture a medication. In this scenario, although Beta did not