IPWatchdog published an article by former Senator Birch Bayh highlighting a BIO commissioned study showing the economic impact of technology transfer on the U.S. economy.
“A new study shows that this spinning of straw into gold is precisely what our academic research organizations have been quietly doing year after year. The just released report “The Economic Contribution of University/Nonprofit Inventions in the United States: 1996-2010” provides a much needed dose of good economic news when we sorely need it. It shows that the university/industry R&D partnership created by the Bayh-Dole Act of 1980 is essential to our economic growth while protecting public health and well-being.”
“The report analyzed data on patented inventions licensed under Bayh-Dole between 1996 and 2010. It found that patents commercialized from university and nonprofit organizations (supported mainly by federal R&D dollars) contributed as much as:
§ $836 billion to the US gross domestic output;
§ $388 billion to the US gross domestic product; and supported
§ 3 million “person years of employment.”
The article takes on critics of the Bayh Dole Act and those currently seeking to change the law:
“Our foreign competitors such as China and India are trying to copy the Bayh-Dole model to better compete with us in the technology race defining the 21st Century. It’s ironic that with success staring us in the face some insist on poor mouthing university technology transfer, insisting that we veer off onto unproven trails. We would be foolish to follow such counsel.”