Patent Bill Compromise marks step towards positive reform.
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Press Release Summary:
According to BIO President and CEO, Jim Greenwood, BIO commends Senate Judiciary Committee for its success in developing consensus-oriented approach to patent reform legislation. Thanks to leadership of Chairman Patrick Leahy (D-VT) and Senators Dianne Feinstein (D-CA) and Arlen Specter (R-PA), BIO is optimistic that they will see patent reform that preserves incentives necessary to sustain America's global leadership in innovation and spurs creation of high-wage, high-value jobs.
Original Press Release:
Patent Bill Compromise Marks Major Step Forward Toward Positive Reform
WASHINGTON, D.C. (Thursday, April 02, 2009) - The following statement was issued by Biotechnology Industry Organization (BIO) President and CEO Jim Greenwood regarding a consensus agreement on patent reform legislation which was approved by the U.S Senate Judiciary Committee today:
"BIO commends the Senate Judiciary Committee for its success in developing a more consensus-oriented approach to patent reform legislation - one that makes encouraging progress toward reforms that will help strengthen and improve our nation's patent system. Thanks to the leadership of Chairman Patrick Leahy (D-VT) and Senators Dianne Feinstein (D-CA) and Arlen Specter (R-PA), we are optimistic that we will now see meaningful patent reform that preserves the incentives necessary to sustain America's global leadership in innovation and spurs the creation of high-wage, high-value jobs in our nation's innovation economy.
"We greatly appreciate the tireless efforts of Senators Leahy, Feinstein and Specter to craft careful compromises on several key issues, including damages and post-grant review. While no compromise is ever perfect, we believe the Committee's product breaks the logjam on the major issues that have held up patent reform for the past several Congresses and will clear the path for a bill to be completed without undue delay.
"The biotechnology industry has developed and commercialized more than 300 drugs and diagnostics that are helping more than 325 million people worldwide and another 400 or so products are in the pipeline. The industry also is leading the way in developing advanced biofuels and other technologies that will help reduce our nation's dependence on foreign oil and fossil fuels. All of this innovation is based in the strength and predictability provided by our nation's patent system. Meaningful reform will continue to promote these breakthrough innovations and help drive economic growth at a time when it is greatly needed.
"BIO remains steadfast in our commitment to work with all Members of Congress as this bill moves forward for further consideration."
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.
Contact: Stephanie Fischer
(202) 312-9263 or sfischer@bio.org
