Talks recently broke down in the U.S. Senate on one of the most consequential, but least heralded, pieces of legislation affecting our economy: patent reform.
Tomorrow, I will meet with technology leaders in San Jose who understand how important intellectual property is to the U.S. economy. They know U.S.-generated intellectual property is valued at $5.5 trillion - nearly 40 percent of our economy - and that IP industries employ 18 million Americans in good, high-paying jobs, not just in Silicon Valley, but around the country.
They know the quality of our lives depends on IP that is protected by patents. From products such as cell phones and blenders, to high-technology microchips and heart valves, the goods and services we rely on for our safety, health and well-being are covered by patents, trademarks and copyrights.
Unfortunately, arguably the first serious effort in 50 years to systematically improve our innovation pipeline has stalled in the Senate, in large part because of an inability to agree on how patent holders should be compensated in cases of infringement.
We can do better than this. I believe there is a way forward to pass legislation that improves our patent system - already the envy of the world - and addresses some of the concerns raised by many patent holders and industries.
How will we reach such an outcome? By crafting a bill that focuses on the areas where there is broad agreement on the need for reform.
I believe we can craft legislation that isn't perfect, but represents a significant step forward for our patent system. Such an agreement could take shape along the following lines: For more than 200 years, America's system of patent laws has been an enormous competitive advantage, empowering small inventors to capture the value of their ideas and giving rise to new business models that have powered the largest economy in the world. Silicon Valley and the technology revolution this region has helped spur have been built on the genius protected by patents. Now is the time to build on our historic advantage by ensuring our patent system keeps America at the leading edge of innovation in the 21st century.
Source: U.S. Department of Commerce
