Bijal Vakil a Partner at White and Case joins Craig to discuss Patent reform and why it is important. Technological innovation is linked to three-quarters of the Nation’s post-WW II growth rate. Two innovation-linked factors – capital investment and increased efficiency – represent 2.5 percentage points of the 3.4% average annual growth rate achieved since the 1940s.
“If a first-to-file system is adopted it will lead to an increase in applications, which will probably create an additional backlog at the PTO,” says Vakil. “As a result, the Office will be slower to issue patents, weakening the country’s competitiveness and draining the economy because it will take even longer for patents to be issued for vital technologies.”