patent system

Tuesday, Nov 12th, 2013

The Economic Case for a Strong Patent System

Strong patent rights have played a crucial role in the U.S. since its founding. Article I, section 8, clause 8 of the Constitution gives Congress the power “[t]o promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries,” and leaders like George Washington, James Madison, and Abraham Lincoln have spoken of the importance of patent rights. Today, a strong U.S. patent system remains an essential component of American economic success.
Tuesday, Nov 12th, 2013

Key Policymakers Consider Strong Patent Rights Critical to the Success of the U.S. in the Global Economy

A strong patent system is the backbone of American competitiveness in the global economy. The U.S.’s intellectual property portfolio is estimated to be worth approximately $5.5 trillion, and royalties and license fees account for a trade surplus of around $80 billion.

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