WASHINGTON--(BUSINESS WIRE)--The following statement may be attributed to BIO President & CEO James Greenwood:
“This year’s International IP Index from The Global IP Center reflects the important progress being made at the U.S. Patent & Trademark Office under the leadership of Director Andrei Iancu.
“While we are pleased to see that the United States improved its ranking from last year’s disgraceful mark, much work remains to be done to reclaim our global leadership. Regrettably, recent court decisions and legislative proposals continue to weaken patent rights and undermine America’s biotechnology innovation ecosystem.
“Bad policy proposals, such as the Medicare Negotiation and Competitive Licensing Act introduced today by Congressman Lloyd Doggett and Senator Sherrod Brown, which would will allow government to steal intellectual property from innovators, is a significant threat to any progress that has been made in the last year.
“We commend the progress made under Director Iancu’s leadership, but more reforms are needed to reduce abusive practices and enhance the strong incentives needed to sustain our nation’s global leadership in biotechnology innovation and the creation of high-wage, high-value jobs throughout our country.
“Specifically, BIO supports the STRONGER Patents Act and the Hatch-Waxman Integrity Act to curb abusive patent practices, while strengthening the ability of patent owners to defend their inventions and businesses against infringement.
“BIO remains ready and willing to work with Congress and the PTO to better support the inventors, the investors, and the people waiting for new innovations to improve their lives and their environment.”
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.