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Congressional interest in patent reform has increased as the patent system becomes more significant to U.S. industry. Patent ownership is perceived as an incentive to the technological advancement that leads to economic growth. Yet, this augmented attention to patents has been accompanied by persistent concerns about the fairness and effectiveness of the current system. Several studies, including those by the National Academy of Sciences and the Federal Trade Commission, recommended reform of the patent system to address perceived deficiencies in the operation of the patent regime. This book provides an overview of current patent reform issues including a summary of the structure of the current patent system and the role of patents in innovation policy. Also discussed are patent quality, the high costs of patent litigation, international harmonisation, and speculation in patents, which have motivated the reform proposals.
In recent years, business leaders, policymakers, and inventors have complained to the media and to Congress that today's patent system stifles innovation instead of fostering it. But like the infamous patent on the peanut butter and jelly sandwich, much of the cited evidence about the patent system is pure anecdote--making realistic policy formation difficult. Is the patent system fundamentally broken, or can it be fixed with a few modest reforms? Moving beyond rhetoric, Patent Failure provides the first authoritative and comprehensive look at the economic performance of patents in forty years. James Bessen and Michael Meurer ask whether patents work well as property rights, and, if not, what institutional and legal reforms are necessary to make the patent system more effective. Patent Failure presents a wide range of empirical evidence from history, law, and economics. The book's findings are stark and conclusive. While patents do provide incentives to invest in research, development, and commercialization, for most businesses today, patents fail to provide predictable property rights. Instead, they produce costly disputes and excessive litigation that outweigh positive incentives. Only in some sectors, such as the pharmaceutical industry, do patents act as advertised, with their benefits outweighing the related costs. By showing how the patent system has fallen short in providing predictable legal boundaries, Patent Failure serves as a call for change in institutions and laws. There are no simple solutions, but Bessen and Meurer's reform proposals need to be heard. The health and competitiveness of the nation's economy depend on it.

Patent Law Reform

United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Intellectual Property

Published: 2007

Total Pages: 178


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Patent Reform

United States. Congress. House. Committee on the Judiciary. Subcommittee on Courts, Intellectual Property, and the Internet

Published: 2015

Total Pages: 96


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Stiflers of innovation, patent trolls use overbroad patents based on dated technology to threaten litigation and bring infringement suits against inventors. Trolls, also known as nonpracticing entities (NPEs), typically do not produce products or services but are in the business of litigation. They lie in wait for someone to create a process or product that has some relationship to the patent held by the troll, and then they pounce with threats and lawsuits. The cost to the economy is staggering. In Patent Trolls: Predatory Litigation and the Smothering of Innovation, William J. Watkins, Jr., calls attention to this problem and the challenges it poses to maintaining a robust rate of technological progress. After describing recent trends and efforts to “tame the trolls,” Watkins focuses on ground zero in patent litigation—the Eastern District of Texas, where a combination of factors makes this the lawsuit venue of choice for strategically minded patent trolls. He also examines a more fundamental problem: an outmoded patent system that is wholly ill suited for the modern economy. Finally, he examines proposals for reforming the U.S. patent system, which was created to spur innovation but today is having the opposite effect. If legal reformers heed the analyses and proposals presented in this book, the prospects for crafting a legal environment that promotes innovation are favorable.

Patent Trolls

United States. Congress. House. Committee on the Judiciary. Subcommittee on Courts, the Internet, and Intellectual Property

Published: 2006

Total Pages: 76


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