Mar-11-11 By Aminda
This week, after a six year effort, the U.S. Senate passed legislation to overhaul the country’s patent system. As reported by the Wall Street Journal, the bill shifts the patent process to a first-to-file system from a first-to-invent system. It also allows the patent office to set its own funding, allowing entrepreneurs to pay an extra fee to fast-track the process. An effort to narrow damages for patent infringement was dropped prior to the vote.
The changes are aimed at reducing a growing backlog of some 700,000 patent applications at the U.S. Patent and Trademark Office, by encouraging filers to prioritize the innovations they need to get to market first by choosing the ones worth the extra fee. However, many fear it may punish smaller firms and independent investors who lack the resources to compete under the new system.