BIO celebrates 30th Anniversary of Diamond v. Chakrabarty.
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Press Release Summary:
According to BIO President and CEO, Jim Greenwood, Supreme Court's decision in Diamond v. Chakrabarty was instrumental in spurring creation of dynamic biotech industry. By finding that subject matter derived from nature is eligible for patenting if it is modified by man into something new, useful, and unobvious, Court provided assurance to biotech companies and investors that emerging technologies are protected by patent system even if they could not have been foreseen when system was created.
Original Press Release:
BIO Celebrates 30th Anniversary of Diamond v. Chakrabarty Decision
Landmark case instrumental in spurring the biotech revolution
WASHINGTON, D.C. - Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood released the following statement in celebration of the 30th anniversary of the Supreme Court ruling in Diamond v. Chakrabarty:
"The Supreme Court's decision in Diamond v. Chakrabarty thirty years ago today was instrumental in spurring the creation of a dynamic and flourishing biotech industry. By finding that subject matter derived from nature is eligible for patenting if it is modified by man into something new, useful and unobvious, the Court provided assurance to biotech companies and their investors that emerging technologies are protected by the patent system even if they could not have been foreseen when the system was created 200 years earlier.
"Since the Court's decision, the biotechnology industry in the United States has improved and saved lives around the world through breakthrough medical therapies, increased crop yields, and renewable fuels. Our industry is a key component of the nation's innovation economy, supporting more than 7.5 million jobs throughout the country and providing the United States with a global competitive advantage."
For more information on how biotechnology benefits society and is poised to help address some of the world's most pressing challenges, please visit www.valueofbiotech.org.
About BIO
BIO represents more than 1,200 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.
