Patents are crucial to the U.S. economy. That’s what Paul R. Michel, former chief judge of the U.S. Court of Appeals for the Federal Circuit, told members of the U.S House of Representatives’ Judiciary Committee. Both in-person and in supplemental testimony, Michel strongly urged Congress to strengthen the patent system in order to support the nation’s economy.
He wrote: “Without the proper incentives provided by the patent system, investment in innovation will falter, and the U.S. economy will suffer. The health of the American patent system is therefore of the highest national importance.”
Michel went on to list nine key benefits of improving the U.S. patent system:
- Economic growth
- Creation of net new jobs with competitive salaries
- Productivity increases
- Enhanced global competitiveness
- Increased family and individual incomes
- Increased tax revenues to support crucial upgrades in citizen welfare and physical infrastructure
- Technological leadership
- Technological developments to address environmental issues
- Economic and national security
Read Judge Michel’s full supplemental testimony here.
Learn about how a weakened patent system is hurting small inventors by reading our recent blog, Why the U.S. Patent System is Losing its Luster.
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