"The U.S. patent system is facing challenges from many stakeholders, including from groups that believe a weak patent system will result in lower drug prices and more widely available treatments. Such a system would have the opposite effect: fewer treatments being developed due to less research dollars spent. Research and development, and subsequently new drug products, will not occur without a meaningful patent system to provide a level of certainty that investments can be recovered."
"On the current episode of Understanding IP Matters (UIPM), for the first time on audio and video, Henry Hadad, Senior Vice President & Deputy General Counsel, Innovation Law, at Bristol Myers Squibb, whose family includes successful songwriters, one an Oscar-winner, believes that confusion over the reliability of IP rights slows breakthroughs and discourages investment. Henry leads a team supporting Bristol Myers' efforts to discover, develop and deliver groundbreaking treatments for patients with serious unmet medical needs."
"Education about the importance and impact of patents and IP, and how, without a better public understanding, there will be a continued "general dilution of the patent system, which I think is bad for society as a whole," comments Hadad. How an unreliable patent system can result in negative long-term consequences. An evolution in inventorship rules should occur as Artificial Intelligence becomes more involved in the patenting process, especially in the pharmaceutical industry. Without an evolution in the law, further work in AI will be chilled."
The U.S. patent system faces pressure from stakeholders advocating weaker patents to lower drug prices and expand access. Weakening patent protections would reduce research funding and lead to fewer new treatments because investors require reliable rights to recoup development costs. Confusion over IP reliability slows scientific breakthroughs and deters investment. Improved public education about patent importance is needed to prevent dilution of the system and avoid negative long-term consequences. Patent and inventorship rules should evolve as artificial intelligence increasingly contributes to invention and patenting, or AI-related research and investment risk being chilled.
Read at IPWatchdog.com | Patents & Intellectual Property Law
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