Acting Secretary Rebecca Blank and Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office (USPTO) David Kappos today presented patent no. 8 million to Second Sight Medical Products, Inc., for a visual prosthesis apparatus that enhances visual perception for people who have gone blind due to outer retinal degeneration. Following the signing, company President and CEO Robert Greenberg demonstrated the new product, Argus® II.
The ceremony underscored the critical role the U.S. patent system plays in fostering American innovation and economic competitiveness and comes as Congress is acting to make the most significant reforms to the system in more than half a century. Patent reform legislation currently before Congress – the America Invents Act – will help create new jobs by simplifying the process inventors face for getting a patent, while making the system more transparent and reducing costly and time-consuming litigation.
The bill is an essential tool to bring the patent system and the USPTO into the 21st century and to continue to unleash the innovation, ingenuity and creativity that has made America the envy of the world. Strong and clear patent rights are especially vital to small and new businesses, which create 2 out of every 3 American jobs. Successful inventors need to secure patent rights to access capital, hire employees and lift their companies off the ground. Put simply, patents are crucial to creating new jobs, new industries and new economic opportunities for Americans.
Specifically, the America Invents Act:
- Allows the USPTO to set its own fees to recover the actual costs of the services it provides, and keep and reserve those fees exclusively for the USPTO’s use – a major part of ensuring that the agency has sufficient funding;
- Enables the USPTO to hire more examiners and bring its IT system into the 21st century so it can process applications more quickly and produce higher quality patents that are less likely to be subject to a court challenge;
- Decreases the likelihood of expensive litigation because it creates a less costly, in-house administrative alternative to review patent validity claims; and,
- Adopts the “first-inventor-to-file” standard as opposed to the current “first-to-invent” standard. First inventor to file is used by the rest of the world, and would be good for U.S. businesses, providing a more transparent and cost-effective process that is consistent with the practices of our economic competitors.
Taken together, the reforms outlined in the America Invents Act create a better architecture for fostering American innovation and accelerating the delivery of innovative goods and services to the marketplace. It also gives the Patent Office the tools and resources it needs to serve America’s innovators by granting high-quality patents in a more timely fashion.