Although you may not have heard much talk about patent legislation in the first half of 2017, plenty has been happening behind the scenes. Citing the U.S. patent system’s drop from first to tenth place globally this year, Senator Chris Coons (D-DE) and Senator Tom Cotton (R-AR) have introduced new legislation that aims to right the wrongs that have weakened the patent system over the last decade.
Here’s how the STRONGER Patents Act will strengthen America:
- To operate efficiently and effectively, the USPTO needs to have adequate funding. This bill aims to end fee diversion and implement a revolving fund through the U.S. Treasury. A well-funded patent office means faster patent approvals and a lower barrier to entry for inventor entrepreneurs.
- The bill aims to restore investor confidence in the value of U.S. patents by clarifying various aspects of patent review processes such as repetitive proceedings and the priority of federal court validity determinations. More investment from VC investors will give inventors the money they need to continue research and development and effective go-to-market strategies.
- Inventors are our economy’s honeybee, creating high-paying jobs and contributing to a trade surplus of $85b through innovation and IP licensing. Coons and Cotton want this prosperity to continue by ensuring that injunctions are available to help protect patent owners from continued infringement while cases are pending.
Read more statements of support for the STRONGER Patents Act here.