Knowledge and innovation are the currency of progress - LDCs cannot afford to lag behind (Paul Akiwumi for OECD Development Matters)

"The development journey of LDCs is inexorably linked to their ability to adapt, innovate, and harness their intellectual assets. Countries need to craft IPR strategies in line with local conditions, nurturing home-grown talents and fostering a climate of innovation. Rather than simply importing foreign IPRs, LDCs should be encouraged to focus on quality over quantity, emphasising “better” rather than “more” patents. When leveraged appropriately, in a context of complementary sectoral, financial, investment, and industrial policies, IPRs can play a critical role in steering LDCs towards sustainable development and prosperity. Their potential should not be dismissed."