Intellectual property (IP) protections, particularly patents, enable significant investments in research and development (R&D), leading to the creation of new and improved products, processes, and services across the economy. In this way, IP serves as one of the most potent economic force multipliers known, even surpassing compounded interest. Since World War II, IP-protected, R&D-derived inventions have been responsible for much of the economic growth experienced by both the U.S. and the world. Strong IP protections, a science-based regulatory framework, and market incentives constitute the “magic elixir” that fuels the economic growth desired by policymakers worldwide. Nations that have acquired and harnessed this elixir—often through many years of challenging trial-and-error—have enjoyed its advantages. It would be utterly foolish to abandon this formula. This report presents data showcasing the importance of IP to U.S. competitiveness and urges policymakers to uphold America’s well-established system of IP protections.