We at NAL LAW GROUP understand that people are looking for a bargain when they hit the market. However, we also know that buying counterfeit products can mean saving little money now but paying a much greater price later. Therefore, we are concerned about the safety of our community by constantly warning our society to beware that fake products are dangerous.
Innovation is a key to strong economies. Where there is a lack of protection of intellectual property rights and as a result a high risk of counterfeiting, there is a reluctance to invest and innovate. As a result, huge potential losses to our socio-economic development system occur.
In fact, weak Intellectual Property rights laws can damage a country’s ability to attract foreign direct investment and to build hubs of business and innovation (why would companies invest in a country where their intellectual property can be more easily stolen).
Research and development flourish where there are strong intellectual property rights and companies realize there is more value from innovations protected by IPR than those which are not. Brands that allow counterfeits to go unchallenged endanger their brand equity, partners and product reputation.
Furthermore, the stronger levels of patent protection and enforcement have been positively associated with the inflow of high-tech products such as pharmaceutical drugs, computer services, and telecom equipment.
Hence, we believe that only by being diligent and genuinely concerned, we can eradicate counterfeits in our collective efforts with the private and public sectors, to protect intellectual property rights and fuel our socio-economic development.