WASHINGTON--(BUSINESS WIRE)--The following statement on the House introduction of the STRONGER Patents Act by Representatives Steve Stivers (R-OH-15) and Bill Foster (D-IL- 11) may be attributed to Tom DiLenge, BIO’s President, Advocacy, Law & Public Policy Division:
“BIO supports balanced reforms to reduce abusive patent practices – both by patent owners and against patent owners. But we also must strengthen the incentives needed 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, Congress has begun the process of achieving that critical balance.
“I commend Representatives Stivers and Foster for their leadership in introducing legislation that will reform the inter partes review and post-grant review processes, bringing fairness and finality to these Patent Office proceedings. The bill also will enhance patent quality by ensuring that all fees paid to the Patent Office are used for their intended purposes, and will crack down on abusive patent demand letters.
“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 and more sustainable sources of energy and agricultural products. 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 STRONGER Patents Act and will continue to advocate for passage of legislation to strengthen the ability of patent owners to fairly defend their inventions and businesses against infringement.”
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. BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling “innovations transforming our world.” Subscribe to BIOtechNOW.