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President Obama signed the America Invents Act (HR 1249) on Friday, a bill the President says will make a sizable dent in the U.S. Patent Office’s 700,000-application backlog and place reviews for green technology projects on a fast track.
The legislation matters to America’s chemistry industry, which spends approximately $50 billion every year to support new innovation. In fact, one in five U.S. patents are chemistry or chemistry-related innovations.
Attending the signing was Jobs Council member and DuPont Chair and CEO Ellen Kullman, who noted:
[quote]The U.S. patent system is a cornerstone to innovation and job creation. It is a critical component of American ingenuity and competitiveness. The America Invents Act brings the U.S. patent system into the 21st century and will help speed and expand the innovation capacity of the American economy, creating new technologies, products and jobs. We are pleased to see the Congress pass, and the President sign, this important legislation.[/quote]
DuPont alone owns over 21,000 patents and 15,000 patent applications worldwide.
The Coalition for 21st Century Patent Reform, which includes ACC member companies 3M, Dow Chemical Company, DuPont and Eastman Chemical Company, added in a release:
[quote]America’s future will be based on the inventions stimulated by the patent system and the jobs they create. This new law will give inventors greater confidence in the patents they receive and give companies stronger incentives to invest in the research and development necessary to ensure that our nation maintains it leadership in innovation.[/quote]
Photo via commerce.gov
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