WASHINGTON--(BUSINESS WIRE)--The Biotechnology Industry Organization (BIO) today issued the following statement regarding the mark-up of The Protecting American Talent and Entrepreneurship (PATENT) Act, championed by Senate Judiciary Committee Chairman Chuck Grassley and Ranking Member Patrick Leahy, along with committee members Sens. John Cornyn, Chuck Schumer, Orrin Hatch, Amy Klobuchar, and Mike Lee:
“BIO appreciates the efforts of members of the Senate Judiciary Committee to include needed reforms to the PTO’s inter partes review (IPR) and post-grant review (PGR) proceedings, aimed at addressing our concerns about the basic fairness of these proceedings to patent owners.
“We remain committed to working with all Senators engaged in the process to include further IPR improvements necessary to ensure that the PATENT Act reflects an appropriate balance between the interests of those who seek to enforce patent rights and those who are accused of infringement.
“Biotechnology companies rely upon the strength of their patents to raise and invest the hundreds of millions of dollars needed to develop and bring to market the next generation of innovations. Without strong patent protections, revenue streams will dry up, degrading our industry’s ability to provide solutions to the most pressing medical, agricultural, industrial and environmental challenges the world faces.”
For additional information:
BIO’s Letter to Senate Judiciary Committee on Managers Amendment to PATENT Act
BIO is the world's largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO's blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter.” Subscribe to the BIO Newsletter.