PHILADELPHIA, PA, August 01, 2013 /24-7PressRelease/
-- As technology continues to play a bigger and bigger role in individual lives and in the global economy, the concept of intellectual property is more important than ever before--and according to attorney Vito Torchia Jr.
, the United States is currently facing a major intellectual property crisis. Torchia is hardly the only one to think so. A recent Washington Post editorial, jointly authored by Dennis Blair and Jon Huntsman Jr., notes the dire IP problems presently facing the U.S. Torchia has issued a new statement to the press, responding to the op-ed.
Vito Torchia Jr. is the Managing Attorney at Brookstone Law Firm, in California; the company represents numerous clients in intellectual property cases. According to Torchia, the statements made in the Washington Post op-ed go a long way toward explaining why IP protection is so important. "Intellectual property is not esoteric, and defending it is not just an ethical or a legal concern, but a very practical one," he explains. "Lost IP means lost dollars, lost jobs, and a lost competitive edge."
Blair and Huntsman, in their op-ed piece, agree. They begin by noting that, in an era when the United States is struggling to provide jobs, the massive loss of intellectual property is a "national crisis." Though this may sound, at first, like an exaggeration, the authors note that intellectual property is the single "most important international competitive advantage" that the United States enjoys. Even so, nearly every business sector in the U.S. has experienced massive theft of IP, or illegal reproduction.
There are many individual stories that are "infuriating," the op-ed continues. Blair and Huntsman point to one unnamed, foreign company that counterfeited a high-tech product it had previously bought from a U.S. manufacturer. After stealing the technology, the company became the U.S. company's biggest international competitor--causing that company's share price to plummet.
Even aside from the individual stories, the article continues, the scale of IP loss is "staggering." Explain Blair and Hunstman, "The Commission on the Theft of American Intellectual Property, which we co-chaired, estimates that the total revenue loss to U.S. companies is comparable to the total value of U.S. exports to all of Asia."
The bottom line, say the editorialists, is that the current theft of U.S. intellectual property amounts to what may be the largest act of theft in world history. More troublingly, the article contends, is the fact that the nation's response has, thus far, proven "weak and disjointed."
"This does indeed mark an area in which more vigorous and robust national policies are in order to secure our intellectual property--but there are also steps that individual companies can take to preserve their confidential data and their ideas," Torchia says. "In addition to working with cybersecurity specialists, companies can also work with IP attorneys to ensure that they fully understand their legal rights."
Vito Torchia Jr. is an attorney who has represented numerous businesses and innovators in intellectual property cases.
Vito Torchia Jr.
is a seasoned legal professional, and the Chief Executive Officer and Managing Attorney at Brookstone Law Firm. The law office provides legal services in a variety of practice areas, including real estate law, criminal defense, family law, intellectual property law, and more. Additionally, Torchia is a celebrated philanthropist, known for his support of Newport Beach Police Society and St. Jude Children's Hospital.