BIO Statement of Support for the Introduction of the STRONGER Patents Act of 2017
Washington, D.C. (June 21, 2017) – The following statement on the introduction of the STRONGER Patents Act of 2017 by Senator Chris Coons (D-DE) may be attributed to BIO President and CEO Jim Greenwood:
“BIO supports balanced reforms to reduce abusive patent practices, while strengthening the strong incentives necessary to sustain our nation’s global leadership in biotechnology innovation and the creation of high-wage, high-value jobs throughout our country. With the introduction of the STRONGER Patents Act of 2017 Congress has begun the process of achieving that critical balance.
“I commend Senators Coons, Cotton, Durbin, and Hirono for their leadership in introducing legislation that cracks down on false or deceptive patent demand letters, ensures urgently-needed fairness and finality in Patent Office post grant proceedings, eliminates diversion of PTO user fees, and helps American research-intensive companies protect their investments in innovation.
“Strong patents are the lifeblood of the biotechnology industry. They are critical in ensuring a steady stream of capital to biotechnology companies developing innovative medicines, alternative energy sources and insect- and drought-resistant crops. And they are essential to the technology transfer process that leads from inventions in the lab to products on the shelves.
“The majority of biotechnology companies are small companies that have no products on the market, and thus their research and development activities are funded through massive amounts of private sector investment over many years, sometimes even decades. Without strong, predictable and enforceable protections for patented inventions, investors will shy away from investing in biotech innovation, degrading the ability to provide solutions to the most pressing medical, agricultural, industrial and environmental challenges facing our nation and the world.
“BIO supports the introduction of the STRONGER Patents Act of 2017 and will continue to advocate for passage of legislation to curb abusive patent practices, while strengthening the ability of patent owners to defend their inventions and businesses against infringement.”