Strong patents are the lifeblood of the biotech industry. They are critical in ensuring a steady stream of capital to companies developing innovative medicines, alternative energy sources, and insect and drought resistant crops – capital that would otherwise flow into less risky investments if patents were not strong. The majority of biotech companies have no products on the market, and thus their research and development activities are funded through massive amounts of investment, largely from the private sector.
Without strong and predictable protections for validly 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 commends Representatives Michael Burgess (R-TX) and Marcy Kaptur (D-OH) for reintroducing Targeting Rogue and Opaque Letters (TROL) Act. This bipartisan bill achieves an important balance that provides the high-tech community with protection against patent trolls and abusive behavior, and does it without harming all other patent holders.
All of the provisions of the TROL Act are included in the broader STRONGER Patents Act, which was introduced in the Senate last year and in the House of Representatives in March. The STRONGER Patents Act goes beyond the TROL Act by strengthening patent rights and helping ensure that our patent system continues to serve as an engine for U.S. economic growth and job creation.
BIO urges Congress to take up and pass measures to strengthen the patent system, like the STRONGER Patents Act and the TROL Act, and start to reverse the harm that has been done from the weakening of that system in recent years.