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Patent Law – Life-science interests want stronger protection, while the IT field seeks faster action. A clash of industries

Venture capitalists are turning into legal experts – and against each other – as Congress prepares to rewrite patent legislation.

Patents are the commercial currency for inventors of the ”next big thing” – time and resources spent on research and development are worthless without an exclusive right to exploit an invention.

The Patent Act of 2005, introduced in the House of Representatives in June, is intended to overhaul 50-year-old legislation that has failed to keep up with fast-moving and comprehensive changes in technology, particularly in the life sciences and information technology sectors.

Companies, universities and laboratories have rushed to file every possible process, design and product they can claim is ”new” and ”nonobvious” – the test for an invention to be patentable.

By Marietta Cauchi
Dow Jones Newswires

Full Story: http://www.sltrib.com/business/ci_3579411

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