Ingenuity and innovation have been mainstays of the American economy since Thomas Jefferson issued the first patent. Discoveries made by American inventors and research institutions, produced by our companies and protected and promoted by our patent laws, have made our system the envy of the world.
Despite our patent system’s importance to the U.S. economy and job creation, Congress has not passed major reforms in more than 55 years. During that time, advances in technology and manufacturing have changed the way our patent system is used.
Innovation has been impeded in recent years by a patent system that too often grants low-quality patents with overly broad claims, which have been used by opportunists to extort royalty fees from manufacturers — particularly in the high-tech sector. The problem of low-quality patents is exacerbated by a litigation system that yields unpredictable and often overcompensating damages determinations, which divert investment and resources from innovation.
To read the full, original article click on this link: Patent reform: Good for innovation - Sen. Patrick Leahy - POLITICO.com
Author: SEN. PATRICK LEAHY
