A bipartisan group of senators recently introduced new patent reform legislation intended to change the U.S. patent system dramatically.

The legislation was formulated by members of the Senate Judiciary Committee, including Democrat Patrick Leahy and Republicans Orrin Hatch and Chuck Grassley.

The Patent Reform Act, which has been described as the first significant set of changes to U.S. patent law in nearly 60 years, is intended to promote job creation by enabling entrepreneurs to profit from their intellectual assets.

The legislation proposes changes to a variety of processes in the patent-granting process, including first-window post-grant review, interlocutory appeals, funding and supplemental examinations.

Leahy said the reform is based on a common sense desire to protect jobs and improve the U.S. economy. “Promoting economic growth continues to be a top priority for both Democrats and Republicans, and patent reform is part of that effort," he said. "This will be the first piece of legislation considered by the Judiciary Committee this year, and I hope the Senate will act promptly on this job-creating bill."

President Barack Obama recently pointed to innovation as a key driver of economic growth in his State of the Union Address. "The first step in winning the future is encouraging American innovation," he said.