William F. Smith: “the CREATE Act, which I introduced along with the gentleman from California (Mr. Berman), allows researchers and…”

“the CREATE Act, which I introduced along with the gentleman from California (Mr. Berman), allows researchers and inventors who work for different organizations and collaborate on inventions to share information without losing the ability to file for a patent. This legislation removes roadblocks to the patenting of collaborative inventions. It empowers researchers to choose to collaborate when it is in their interest, and to compete for inventions when it is not. Under current law, individuals who did not work on an invention or project can challenge patent applications. This leads to invalidated patents which harms our economy and the inventors, researchers and entrepreneurs who want to create new products. Today's biotech, pharmaceutical, and nanotechnology companies conduct much of their research with partners such as universities and other public or private organizations. In fact, the University of Texas ranks fourth on the list of universities that receive the most patents. Many of these patents result from working with the private sector on research. America's universities, private companies, public organizations and nonprofit institutions all have a stake in ensuring the U.S. patent system rewards rather than inhibits their innovations, from life-saving therapies to fuel cells. Yesterday, my subcommittee received a letter from the Biotechnology Industry Organization, which supports this legislation.”