It is widely agreed that innovation contributes to economic development and social well-being, as concluded from the studies presented by the researcher from the Max Planck Institute, Pedro Henrique Batista, during his presentation at Panel 1 “Economics of Innovation.” The discussion also included Stephen Ezell, Vice President of Global Innovation Policy at ITIF (Information Technology and Innovation Foundation), and was moderated by former president of ABPI, Elisabeth Fekete.
One of the studies, conducted in 2008, analyzed 65 emerging and developing countries, while another from 2022 considered the income convergence between developed and developing countries. Despite some divergence on the social impact of innovation, there was agreement regarding its contribution to economic growth, social mobility, and potential for reducing inequality.
In his presentation, Ezell highlighted the necessary conditions for global innovation growth, including access to scaled markets, moderate competition, and robust protection of intellectual property rights. “Innovative companies invent new things, make significant investments (pharmaceuticals, semiconductors), empower themselves, and rely on a strong intellectual property system,” explained Ezell.
