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World IP Day & Why Intellectual Property is Key to Economic Growth at Home and Abroad
04/22/2014 at 03:05 pm - Michi Iljazi

uspto
United States Trademark and Patent Office (USPTO)

Saturday April 26 marks World Intellectual Property (IP) Day.  Protecting intellectual property is an important mission of the federal government.  In fact, the Founding Fathers thought protecting intellectual property was important enough to include it in the Constitution.  IP plays an important role in daily commerce, not just in the United States, but also around the entire globe. The Taxpayers Protection Alliance (TPA) supports IP, and has focused recently on two particular aspects, one dealing on the domestic side and another that lies overseas. The common factor that makes these issues of IP so important is how they impact taxpayers and economic activity and why IP is something that should be on the radar for everyone not just this week, but all year round. First, let’s take a look here in the US and in particular in Washington D.C. at what is happening regarding intellectual property. Right now, there is a debate that has been lingering in Congress regarding patent reform and more specifically how to combat ‘patent trolls’. Just a few weeks ago, TPA welcomed Tim Lee from the Center for Individual Freedom to discuss in detail why the issue of ‘patent trolls’ was something that was worthy of attention on the ‘Taxpayer Watch’ podcast. Lee emphasized that the real focus is on the litigation and how to reform the current rules that have been established within patent litigation. The Senate Judiciary Committee is currently crafting a bill that may indeed attack the problems that the current patent litigation system contains. On the TPA podcast, Mr. Lee laid out that the rules seem to leave little responsibility on those bringing litigation forward, and that the reforms that are needed should ensure that both plaintiffs and defendants are operating on a level playing field in the judicial system with respect to patent litigation. This is a major sticking point in the negotiations within the Senate Judiciary Committee right now, and it is part of the reason that the bill has yet to move into markup phase.


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