Are the Patent Laws a boon or a hindrance to current development and innovation? In the countries where patent laws apply, it takes a long time to process a patent application. The delay in processing leads to backlog in applications. Is this increased wait time holding back innovations?
The main reason for the delay in processing the application is that when the original patent laws were written, in the late 19th century, not many large scale innovation were seen in the industry. But, does this mean, the industry was better off without the patent laws. People the industry feel that though the patent system is not perfect, it is definitely better than not having one.
A snippet from a Guardian article - Speaking at the London School of Economics Mr. Steve Ballmer said - "Is the patent system perfect, or the world in which we live? Answer is of course not, the patent law was crafted in a day and age that preceded modern IT systems" referring to the 2 biggest sectors that use patent laws. The pharmaceutical and IT industry, which are the 2 biggest sectors that use patents have shown tremendously growth in recent times. The innovation in these sectors demand the need for quick processing of patents. This calls for a reform in patent laws. Patent laws in US and Europe need to be rewritten to get in line with the latest technology developments. Countries like India and China need to get stringent patent laws in place, to encourage blooming start-ups.
Recent article dated 28th February 2011, in Drug Discovery and Development, speaks about the reform in Patent laws. The long overdue reform in the law has finally shown a promising outcome. The Senate is taking up the Patent Reform Act, that transforms the 1952 Patent law radically, bringing the law matchable to current technology. With such reforms and proper changes to the patent laws, making it relevant to current development, the patent laws will continue to remain a boon to innovation and further development.
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