The Biotechnology Innovation Organization (BIO) recently praised the US Congres for its passage of the Small Business Innovation Protection Act. According to Business Wire, the bill “directs increased cooperation between the Small Business Administration (SBA) and the U.S. Patent and Trademark Office (PTO) to improve intellectual property protections for small businesses.”
The BIO is “the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations.”
The passage reflects America’s push to strength industries utilizing IP assets to grow both domestically and globally. The new law will help biotechnology firms in their development and research activities.
According to BIO’s President of Advocacy, Law & Public Policy, Tom DiLenge, “Study after study confirms that protecting IP is the key to innovation and economic growth. IP-intensive industries employ over 45 million Americans. The average worker in an IP-intensive industry earns about 46% more than his or her counterpart in a non-IP-based industry.”