WASHINGTON--(BUSINESS WIRE)--The Biotechnology Innovation Organization applauds the House and Senate’s bipartisan passage of the Small Business Innovation Protection Act. The bill directs increased cooperation between the Small Business Administration (SBA) and the U.S. Patent and Trademark Office (PTO) to improve intellectual property protections for small businesses.
The following statement may be attributed to BIO’s President of Advocacy, Law & Public Policy, Tom DiLenge:
“Strong intellectual property (IP) protections sustain our nation’s global leadership in biotechnology innovation and the creation of high-wage, high-value jobs throughout our country. By passing the Small Business Innovation Protection Act, Congress has provided enhanced tools to equip American innovators to defend their valuable inventions against infringement both domestically and abroad.
“I commend Senators Peters and Risch and Representatives Evans and Fitzpatrick for their leadership on this bipartisan legislation, which recognizes the vital role that small businesses play in driving America’s innovation economy. By providing IP training through the Small Business Development Centers, this new law will foster growth in the jobs of the future.
“Study after study confirms that protecting IP is the key to innovation and economic growth. IP-intensive industries employ over 45 million Americans. The average worker in an IP-intensive industry earns about 46% more than his or her counterpart in a non-IP-based industry.
“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. Yet too often, small businesses lack the resources and know-how to protect their valuable IP assets.
“The vast majority of biotechnology companies are small and have no products on the market. 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 our collective ability to provide solutions to the most pressing medical, agricultural, industrial, and environmental challenges facing our nation and the world.
“I urge President Trump to act swiftly to sign this important legislation into law.”
About BIO
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.
