Intellectual Property and Economic Policy: Part I
The laws protecting intellectual property rights are tools of economic policy. The United States intellectual property system is a crucial part of our country’s economic infrastructure, since these rights strengthen owner assets, while also advancing technology in common related fields of technology. For instance, an inventor receives an exclusive right to exclude others from making, using, offering or selling a patented invention, as long as the inventor teaches all aspects of his invention within the patent application. As a result, the U.S. patent system fosters innovation by utilizing a quid pro quo, where another inventor can take those teachings and further develop new technology.
Patent Reform
For the past several years, Congress has a revived interest in revising the patent system. This will not be the first change, nor will it be the last. Regardless, any sort of change should have an effect on businesses and industry in the United States, if not the world.
The most notable proposed change is a switch from a first-to-invent priority system to a first-to-file system. This change would be in harmony with the most of the patent systems employed around the world. Although opponents assert that the change would bring a backlog of applications, proponents feel the change may stimulate technology at a faster pace.
Other notable changes include, but are not limited to: (1) a failure to fulfill the best mode requirement would no longer be an invalidity defense nor could it serve as a basis for holding a patent unenforceable, (2) a requirement that a court "identify the methodologies and factors that are relevant to the determination of damages, and the court or jury, shall consider only those methodologies and factors relevant to making such determination", and (3) a statutory definition of "willful infringement" clearly affirming that "knowledge alone" is not sufficient for a finding of willful infringement (allowing a court to increase the damages up to three times the amount found or assessed).
