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Third time’s a charm for patent reform?

So, for the third consecutive session of the U.S. Congress, Sen. Patrick Leahy (D-Vt.), the chairman of the Senate Judiciary Committee, has introduced patent reform legislation, along with former committee chairman Sen. Orrin Hatch (R-Utah) and other senators [notably: Jeff Sessions (R-Ala.), the committee’s ranking Republican, and fellow senators Chuck Schumer (D-N.Y.), Jon Kyl (R-Ariz.) and Ted Kaufman (D-Del.)].

It’s legislation that, if passed, would affect more than just pharmas and biotechs, obviously, but certainly those types of companies are among the ones who most rely on patent protections to keep themselves going. Here’s what the Pharmaceutical Research and Manufacturers of America (PhRMA) has to say about the proposed reform, by way of PhRMA Senior Vice President Wes Metheny:

“Senator Leahy’s patent reform bill would strengthen the patent system while protecting patent owners and maintaining incentives for innovation. The bill balances the diverse interests of various stakeholders across American business sectors while maintaining strong and reliable intellectual property protection. A strong patent system is crucial to America’s economic competitiveness and our global leadership in medical innovation, especially in these economically trying times.

“The U.S.patent system provides American businesses with incentives that drive innovation and create jobs across the country. By creating a positive environment for innovative R&D, the patent system encourages the development of ideas into life-changing products and further encourages the ideas of the future.

“This couldn’t be more true than in the biopharmaceutical research sector. In a field where the development of an average new medicine can take 10-15 years and cost more than $1.3 billion, the incentives provided by intellectual property play a key role in encouraging this costly – and risky – investment.

“In the end, the benefits are great. Life expectancy is at an all-time high and previously life-threatening diseases are now viewed as controllable conditions, largely on the strength of the innovative R&D taking place through America’s biopharmaceutical sector. Meanwhile, the sector – one of the most research-intensive in the world – employs more than 650,000 direct biopharmaceutical workers and supports a total of more than 3 million jobs.

“America’s biopharmaceutical research companies have a real and significant effect on healthcare and on the economy. This just wouldn’t be true without a reliable and predictable patent system.

“Senator Leahy’s bill – and the support of its cosponsors – demonstrates their appreciation for the importance of intellectual property protection to the U.S. economy and to the jobs – and life-saving innovation – that it provides.”

“With this agreement, we are closer than ever to advancing patent reform legislation through the Senate,” said Leahy in a prepared statement Feb. 3. “Senator Hatch and I have worked through many Congresses to make meaningful reforms to the nation’s patent system, and I appreciate his commitment to this effort. This compromise may not be everything that everyone wants, but it makes important reforms to the outdated patent system. Strengthening American patents will improve the quality of our inventions and innovations, which will translate into jobs and economic growth in Vermont and across the country. Congress is committed to strengthening our economy, and the Patent Reform Act is an important component of that effort. I hope the leaders will soon schedule floor time for this important legislation.”

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February 3, 2011 Posted by | Corporate, Government, Lawsuits & Legal Matters | , | Leave a comment