Innovation Asset Blog

BIO welcomes patent reform bill

The Biotechnology Industry Organization recently praised the introduction of legislation designed to reform the U.S. patent system dramatically.

Jim Greenwood, president and CEO of BIO, officially thanked Patrick Leahy, who chairs the Senate Judiciary Committee, as well as the bill's other cosponsors.

According to Greenwood, the new legislation was carefully crafted in a bipartisan manner, enabling a "consensus-oriented" reform of intellectual property registration processes in the U.S.

"We believe the Patent Reform Act of 2011 will help strengthen and improve our nation's patent system for all users while preserving the incentives necessary to spur the creation of high-wage, high-value jobs and sustain America's global leadership in innovation," Greenwood said.

Greenwood stated that innovation in the field of biotechnology depends on a national patent system that is both strong and predictable.

The Patent Reform Act was sponsored by members of the Senate Judiciary Committee, including Democrat Patrick Leahy and Republicans Orrin Hatch and Chuck Grassley. The bill has been described as the first significant set of changes to U.S. patent law in nearly 60 years.

Peter Ackerman

Peter Ackerman

Founder & CEO, Innovation Asset Group, Inc.