Earlier this week, several university leaders and corporate executives joined U.S. Patent and Trademark Office head David Kappos and Obama administration science advisor John Holdren to discuss ways to revive the economy through the promotion of innovation.

According to the transcript provided by event host Bloomberg News, Kappos' opening remarks spoke to the significance of the recent passage of the America Invents Act.

"Our patent system now has leapfrogged those of all other countries," the PTO director explained. "[The system] is the first and only one to champion [the] intersection between universities and the business sector."

By fostering collaboration from all parties, Kappos suggested that the revised framework will serve as an enabler, rather than a hindrance, to inventors and innovators.

Biomedical industry expert John Lechleiter illustrated this notion later in the discussion by explaining how his firm was able to share old patents for the benefit of Purdue University researchers. However, Lechleiter also urged lawmakers to keep American intellectual assets a top priority when designing international trade agreements so innovators will not be indirectly punished for their collaborative attitudes.