Patent Reform Would Boost US Economy: DOC

Law360, New York (April 20, 2010, 4:32 PM EDT) -- Patent reform legislation would boost the U.S. economy and help create more jobs by limiting delays, uncertainty and inefficiency in the current system, according to a report released Tuesday by the U.S. Department of Commerce.

Under the existing patent system, the 750,000-application backlog at the U.S. Patent and Trademark Office likely costs the U.S. economy billions of dollars a year in "foregone innovation," the report said.

But a patent reform bill would give the agency the authority to set its own fees as necessary to cover...
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