Policy Matters
Understanding Patent Reform
The U.S. patent system is desperately in need of an overhaul—and Congress may soon be ready to pass reform legislation.
Patents assure entrepreneurs, universities and companies that their discoveries will remain secure while they work to mature their technology. In essence, a patent is a federally approved and time-limited monopoly. Once commercialized, patents provide a window of time to recover the investment and profit from the innovation. At the same time, patent applications are intended to carry sufficient technical disclosure to enable market competition when patents expire. This cycle provides an important economic incentive to innovate.
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