BIO White Paper Supports Current Patent Practices

In a recent report by the Biotechnology Industry Organization (BIO), data is presented that debunks the theory that over-patenting in the biotechnology industry is hindering research progress. In contrast, the report, entitled "The Myth of the Anticommons" states that biotechnology research, innovation and employment are on the rise, indicating a robust, healthy industry. In a press release, BIO President and CEO Jim Greenwood reported that patented IP attracts necessary funding that drives the years of research and development of new products. He was also quoted as saying “as Congress considers changes to the patent system, we encourage them to recognize and protect the key role patents play in encouraging innovation in the biotechnology industry”.