This week in the world of intellectual property, there have been significant developments that are worth noting. Let’s dive into the latest news in the IP landscape.
The European Union has published the final text of its AI Act, a groundbreaking legislation that will come into effect on August 1. This act requires generative AI developers and platforms to disclose how copyrighted works are used in their training models. This move has far-reaching implications, as it mandates compliance with EU law even for platforms trained outside the EU.
In the United States, the Senate passed the Affordable Prescriptions for Patients Act, aimed at reducing prescription drug patents by addressing “patent thickets” created by pharmaceutical companies. This bipartisan bill is expected to promote competition and lower prices for patients without hindering innovation.
Another significant development is the introduction of the COPIED Act by a group of senators. This act seeks to make it illegal to remove digital watermarks from AI-generated content, with the aim of combatting deepfakes and protecting artists’ and journalists’ intellectual property rights. The bill also empowers the Federal Trade Commission to enforce these protections.
In the world of music and fashion, there have been legal disputes over intellectual property rights. The Beastie Boys sued Chili’s for allegedly using their hit song “Sabotage” in social media ads without permission, while Marc Jacobs and Nirvana settled a lawsuit over the use of Nirvana’s logo in a clothing collection.
On the international front, the World Intellectual Property Office (WIPO) kicked off its annual meetings, with a focus on transforming the global IP ecosystem and shaping global IP standards. The European Patent Office (EPO) also celebrated the winners of the European Inventor Award 2024, recognizing inventors in various categories for their contributions to innovation.
In the financial sector, Federal Reserve Chair Jerome Powell indicated that near-zero interest rates are likely over, signaling a shift from the era of low rates that followed the 2008 financial crisis. This announcement has implications for investors and the broader economy.
As we look ahead, key firms identified among the IPO’s Top 300 Patent Recipients for 2023 will be announcing quarterly earnings. These include Bank of America, Johnson & Johnson, Taiwan Semiconductor, and others, offering insights into the financial performance of these patent-heavy companies.
Overall, these developments underscore the importance of intellectual property rights in driving innovation, protecting creators, and shaping the global economy. Stay tuned for more updates on the ever-evolving world of IP.