Importance of Patent Reform
America’s entrepreneurs, businesses, and workers are the primary source of new ideas that drive innovation. Patents, trademarks and copyrights–the main protections in our intellectual property (IP) system–are critical tools that help commercialize innovative, game-changing ideas, from advances in healthcare technology to improved consumer products. By creating a better environment for America’s private sector to capitalize on those ideas, IP protections help foster the innovation and creativity that leads to a stronger economy and more jobs.
In 2012, economists at the U.S. Department of Commerce studied industries that use patent, copyright or trademark protections most extensively, and found that these “IP-intensive industries” account for over one-third of our nation’s GDP, more than 60 percent of our exports, and nearly 28 percent of jobs. Clearly, IP protection is a pillar of the United States economy.
Department of Commerce’s Commitment
The Commerce Department is playing a major role in ensuring that the United States remains the world’s strongest ideas-driven economy with a 21st century patent system. A core part of the Commerce Department’s mission is to help American businesses build things here and sell them everywhere around the globe. That is why U.S. Commerce Secretary Penny Pritzker made innovation a main pillar of the “Open for Business Agenda” that she launched in November to continue to serve entrepreneurs and businesses that drive innovation.