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The U.S. patent system is in an accelerating race with human ingenuity and investments in innovation. In many respects the system has responded with admirable flexibility, but the strain of continual technological change and the greater importance ascribed to patents in a knowledge economy are exposing weaknesses including questionable patent quality, rising transaction costs, impediments to the dissemination of information through patents, and international inconsistencies. A panel including a mix of legal expertise, economists, technologists, and university and corporate officials recommends significant changes in the way the patent system operates. A Patent System for the 21st Century urges creation of a mechanism for post-grant challenges to newly issued patents, reinvigoration of the non-obviousness standard to quality for a patent, strengthening of the U.S. Patent and Trademark Office, simplified and less costly litigation, harmonization of the U.S., European, and Japanese examination process, and protection of some research from patent infringement liability.
Excerpt from Patent System and Modern Technology Needs; Meeting the Challenge of the 21st Century: Hearing Before the Subcommittee on Technology of the Committee on Science, U. S. House of Representatives, One Hundred Fourth Congress, Second Session, June 6, 1996 Mrs. Morella. Everybody seems to be here for this hearing, so I think I am going to commence in the interest Of time. SO the meeting of the Subcommittee on Technology of the Science Commit tee will now come to order. Today we convene the Subcommittee on Technology for the pur pose of exploring the dramatic changes that are taking place in our manufacturing sector with regard to the pace at which techno logical advancements are conceived, developed, and moved into the marketplace. As product development and market life cycles for many indus tries have become more and more compressed in time, serious questions are being raised with the ability of our nation's systems of intellectual property protection, particularly the patent system, its ability to cope with the needs of our industrial innovators for cost, effective, timely, and simplified procedures for securing intel lectual property rights to new inventions. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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The economic system is generally understood to operate on the premise of exchange. The most important factor in economic development has always been technology, as a way to expand a limited resource base. Such increase in technology and knowledge is generally accepted by economists, but the mechanisms of exchange through which this happens are much less studied. Generally, a static analysis of product exchange, incorporating new technology, has been undertaken. This book explores the transition of trade in ideas from an exchange largely within firms and nations to an exchange between firms and nations. This process has been going on since the beginning of the patent system, where importing (trading) technology was made policy in 1474, more than 500 years ago. However, during the past 25-30 years, a growth in exchange of technology between specialized firms, cooperating based on patent licensing, has been phenomenal, with annual licensing transactions exceeding a trillion dollars, not counting value of cross-licensing. Such specialized exchange has been seen in history but not at this scale and level of coordination. Using principles of experimental economics, the author investigates the licensing contract and mechanisms of exchange (rules of trade) as this exchange moves towards organized markets with prices. A key issue concerns the effect of introducing demand side bidding, through which the patent system introduces specialization and multiple use of the same technology in different new products, thus expanding the use of technology a firm has to more actors, products, and consumers. The risk and uncertainty in market access for cheaper, better and unique products and services are reduced through new and competitive technology. Questions raised are related to the “optimal” integration of information and rules in dynamic exchange of patents through institutions. The view presented shows how inventors and traders can sell their intellectual property to buyers in a producer market, in this case in licensing contracts on patents, to diversify risk and monetize value based on an experimental economic study where the performance and behavioral properties of these institutions is the object of investigation. More fundamentally the work illustrates the theoretical, design, and patent system policy issues in a transition from personal to impersonal trade in ideas. This book explores the transition of trade in ideas from an exchange largely within firms and nations to an exchange between firms and nations. This process has been going on since the beginning of the patent system, where importing (trading) technology was made policy in 1474, more than 500 years ago. However, during the past 25-30 years, a growth in exchange of technology between specialized firms, cooperating based on patent licensing, has been phenomenal, with annual licensing transactions exceeding a trillion dollars, not counting value of cross-licensing. Such specialized exchange has been seen in history but not at this scale and level of coordination. Using principles of experimental economics, the author investigates the licensing contract and mechanisms of exchange (rules of trade) as this exchange moves towards organized markets with prices. A key issue concerns the effect of introducing demand side bidding, through which the patent system introduces specialization and multiple use of the same technology in different new products, thus expanding the use of technology a firm has to more actors, products, and consumers. The risk and uncertainty in market access for cheaper, better and unique products and services are reduced through new and competitive technology. Questions raised are related to the “optimal” integration of information and rules in dynamic exchange of patents through institutions. The view presented shows how inventors and traders can sell their intellectual property to buyers in a producer market, in this case in licensing contracts on patents, to diversify risk and monetize value based on an experimental economic study where the performance and behavioral properties of these institutions is the object of investigation. More fundamentally the work illustrates the theoretical, design, and patent system policy issues in a transition from personal to impersonal trade in ideas.
Patent law is crucial to encourage technological innovation. But as the patent system currently stands, diverse industries from pharmaceuticals to software to semiconductors are all governed by the same rules even though they innovate very differently. The result is a crisis in the patent system, where patents calibrated to the needs of prescrip...
In the last two decades, accelerating technological progress, increasing economic globalization and the proliferation of international agreements have created new challenges for intellectual property law. In this collection of articles in honor of Professor Joseph Straus, more than 60 scholars and practitioners from the Americas, Asia and Europe provide legal, economic and policy perspectives on these challenges, with a particular focus on the challenges facing the modern patent system. Among the many topics addressed are the rapid development of specific technical fields such as biotechnology, the relationship of exclusive rights and competition, and the application of territorially limited IP laws in cross-border scenarios.
A straightforward guide to inventing, patenting, and technology commercialization for scientists and engineers Although chemists, physicists, biologists, polymer scientists, and engineers in industry are involved in potentially patentable work, they are often under-prepared for this all-important field. This book provides a clear, jargon-free, and comprehensive overview of the patenting process tailored specifically to the needs of scientists and engineers, including: Requirements for a patentable invention How to invent New laws created by President Obama's 2011 America Invents Act The process of applying for and obtaining a patent in the U.S. and in foreign countries Commercializing inventions and the importance of innovation Based on lecture notes refined over twenty-five years at The University of Akron, How to Invent and Protect Your Invention contains practical advice, colorful examples, and a wealth of personal experience from the authors.