Amy Klobuchar: “I rise to speak in support of the America Invents Act, a bill to overhaul our patent system, which plays such a critical…”

“I rise to speak in support of the America Invents Act, a bill to overhaul our patent system, which plays such a critical role in our economy. It is one of the main reasons America has been able to maintain its competitive edge. The Commerce Department estimates that up to 75 percent of the economic growth in our Nation since World War II is due to technological innovation--innovation made possible by a patent system that protects the rights to that innovation. I have seen the importance and success of the patent system firsthand in Minnesota, which has brought the world everything from the pacemaker to the Post-it note. In Minnesota, we know how important the patent system is to our economy. We rank sixth in the Nation in patents per capita and have the second highest number of medical device patents over the last 5 years. Companies such as 3M, Ecolab, and Medtronic are well-known leaders in innovation, but Minnesota also supports innovative small businesses such as NVE Corporation and Arizant Healthcare. We are now first per capita, in fact, for Fortune 500 companies in our State, and that is in large part because of innovation.”