US President signs America Invents Act, overhauling patent system

After nearly a decade of legislative efforts, US President Barack Obama on Friday (September 16) signed the America Invents Act, historic patent reform legislation that aims to help American entrepreneurs and businesses bring their inventions to market sooner, creating new businesses and new jobs (The Pharma Letters passim). The President also announced additional steps that will help convert the ideas from America’s universities and research labs into new products, expanding the USA’s economy and creating 21st century jobs.

“I am pleased to sign the America Invents Act. This much-needed reform will speed up the patent process so that innovators and entrepreneurs can turn a new invention into a business as quickly as possible,” said President Obama, adding: “Here in America, our creativity has always set us apart, and in order to continue to grow our economy, we need to encourage that spirit wherever we find it.”

The new Act represents the most significant reform of the Patent Act since 1952. It will give a boost to American companies and inventors who have suffered costly delays and unnecessary litigation, and let them focus instead on innovation and job creation. These reforms were also a key recommendation of the President’s Council on Jobs and Competitiveness, which has been a strong advocate for patent reform as a way to support job creation and strengthen America’s competitiveness in the global economy.