If ever there was a topic that deeply impacts the Macro economy, it’s the patent system.
The purpose of the patent system is to encourage innovation by giving an inventor control for a limited time. Unfortunately, companies are gaming the system by getting patents on minor tweaks and on concepts that have never been demonstrated to work. This makes drugs more expensive and blocks real inventors.
This is a hot-button issue for me because I have read patents that were nothing more than science fiction. I have tried to reproduce patented processes in the lab, using the instructions in the patent, without success. The system is broken and counterproductive.
https://www.nytimes.com/2022/04/16/opinion/patents-reform-dr…
**Save America’s Patent System**
**By The Editorial Board, The New York Times, April 16, 2022**
**Twelve of the drugs that Medicare spends the most on are protected by more than 600 patents in total, according to the committee. Many of those patents contain little that’s truly new. But the thickets they create have the potential to extend product monopolies for decades. In so doing, they promise to add billions to the nation’s soaring health care costs — and to pharmaceutical coffers....**
**The United States Patent and Trademark Office has long since devolved into a backwater office that large corporations game, politicians ignore and average citizens are wholly excluded from. As a result, not only is legal trickery rewarded and the public’s interest overlooked, but also innovation — the very thing that patents were meant to foster — is undermined...**
**Enforce the standard that already exists: To secure a patent, an invention must be truly novel and nonobvious, it must be described in enough detail for a reasonably qualified person to build and use it, and it must actually work. The problem is these rules are poorly enforced....**
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The article has several other helpful suggestions.
The Senate confirmed Kathi Vidal, a Silicon Valley patent attorney, as director this month. Let’s hope that she seriously addresses these problems and isn’t just a revolving-door insider like so man other government officials. Too many patent office directors have come from or gone to industry jobs within months of holding the federal post.
Many billions of dollars and the future of innovation depend on an honest patent office that only awards patents to genuine innovations.
Wendy