Patent Reform (June 2009)

The U.S. has built the world’s greatest economy through the hard work and creativity of its people. Our ideas and innovations have been protected by a patent system that is second to none. Grounded in the Constitution, our patent system has been successful at promoting the advancement of products and ideas that drive the American economy.

For the past year, we’ve heard a great deal about what it’s going to take to “fix” the economy. Whether it’s bailouts for automakers or for banks, Congress and the administration have spent billions of dollars to “rescue” American industries in an effort to jumpstart the American economy.

Legislation to weaken patent protections for inventors is again before the Congress. The question is why, in the middle of the greatest recession since World War II? At precisely the moment when America needs to create more and better jobs from new industries, why would Congress want to weaken the incentives for inventors and the venture capitalists who invest in innovation?

Our patent system has fostered great inventors including Samuel Morse, Thomas Edison, Alexander Graham Bell and the Wright Brothers — Americans who changed the course of history and commerce. But despite this impressive track record, some argue that the United States should harmonize its patent system with Asia and Europe when they haven’t produced as many innovations as America. Could it be that our current patent system is better at protecting innovation?

America’s ingenuity continues to fund our economy, and we must protect new ideas and investments in innovation and creativity. Patents encourage technological advancement by providing incentives to invent, invest in and disclose new technology. Now, more than ever, it is important to ensure efficiency and increased quality in the issuance of patents. This in turn creates an environment that fosters entrepreneurship and the creation of jobs, two significant pillars in our economy.

It has been more than 50 years since the nation’s patent laws were significantly updated, and in that time, the form of American innovation that creates jobs and drives our economy has changed. It is well past time that Congress modernize our patent laws.