Reforming the ITC and strengthening the IPR process at USPTO can restore billions of dollars to the US economy and bring many new jobs.
Workers in IP-intensive industries tend to earn higher wages, work in larger companies ; participate in employer-sponsored health insurance retirement plans; have a college degree; and be veterans.Innovation is the implementation of ideas into new and improved goods, services, processes, and business models. The practice of American innovation requires a legal and policy framework.
or non-practicing entities already costing some $60 billion annually in firm wealth in 2014. This means that a significant portion of the value of the IP-economy is frittered away by courtroom opportunists. The abuse, theft and infringement of IP is associated with hundreds of thousands of jobs lost annually. Indeed, some 12,000 IP cases are filed annually in the US, aboutof all court cases, demonstrating the extent of the abuse of the legal system.
The threat to IP-intensive manufacturers continues to increase, as productive companies are regularly sued or shaken down for hefty, undeserved royalty payments by plaintiffs wielding vague, low-quality patents, many of which should have never been granted in the first place by the US Patent and Trademark Office . The economic impact of infringement lawsuits filed by trolls is significant as litigation can take five-to-seven years to resolve and cost $5 million or more.
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