By:
America Invents Act;
Date Added.: Jun 3, 2011;
Category:
ROOT
The America Invents Act was enacted into law in early 2011. The America Invents Act will make the first significant changes to the United States’ patent system in close to 60 years. These changes will create jobs and boosting the economy without adding to the national debt. Below are some key points as outlined by the American Invents Act as laid out by the United States Senate [http://dpc.senate.gov/dpcdoc.cfm?doc_name=lb-112-1-9].
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Three-quarters of the nation’s post-WWII growth rate is linked to technological innovation. A couple of these innovation-linked factors are capital investment and increased efficiency. These represent 2.5 percentage points of the 3.4 percent average annual growth rate achieved since the 1940’s. [U.S. Commerce Dept. Report,4/13/2010]
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Through this reform, millions of new jobs could be created due to the enactment of the America Invents Act. “To be sure, not every patent creates a job or generates economic value. Some, however, are worth thousands of jobs — Jack Kilby’s 1959 patent for a semiconductor, for example, or Steve Wozniak’s 1979 patent for a personal computer. It’s impossible to predict how many new jobs or even new industries may lie buried within the patent office’s backlog. But according to our analysis of the data in the Berkeley Patent Survey, each issued patent is associated with 3 to 10 new jobs.” [New York Times, 8/05/2010]
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The highest paying jobs are driven by the innovation of the marketplace. Average compensation per employee in innovation-intensive sectors increased 50 percent between 1990 and 2007—nearly two and one-half times the national average. [U.S. Commerce Dept. Report,4/13/2010]
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Delay in the granting of rights has substantial costs. Recent reports conclude that the U.S. backlog (currently at 750,000 applications) could ultimately cost the U.S. economy billions of dollars annually in “foregone innovation.” [U.S. Commerce Dept. Report, 4/13/2010]
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China bucked an unprecedented decline in global patent filings in 2009, boosting its total by 29.7 percent, while the United States saw a fall of 11.4 percent, the world patent watchdog WIPO said in 2010. In October, Thomson Reuters issued a report forecasting that China would surpass the United States in patent filings in 2011. [Reuters, 2/8/2010; Thomson Reuters, 10/5/2010]
In closing, the United States is falling behind in leading innovation in today’s global marketplace. In order to take that next step into the 21st century, the America Invents Act will remove the shackles from the country’s inventors. The introduction of this act will create jobs, drive business and continue to allow America to lead the world in technological innovations.
Men and women have to be informed of adjustments that can severely affect upon invention in United States of America, the latest trends with respect to the America Invents Act need to be followed.
