If we want innovation, companies must be able to rely on patent law to protect their investments
Every day, in many areas of life, there are important races occurring. There is a race to develop a vaccine for COVID-19. There is a race to perfect cars that can drive themselves. There is a race to expand the availability of 5G … and to develop the next wireless communications technology — 6G?
Innovative companies are expending great amounts of research dollars and human capital to participate in these races with the hopes of being part of the “winning team,” but the real winner when these technologies come to fruition is the public. Although the public may be desperately interested in obtaining the technology from these races — new inventions that make life better — a number of obstacles are regularly being introduced that hinder innovative companies ability and desire to participate. It’s time to stop hamstringing the competitors.
The competitors in these races are willing to spend millions of dollars developing new technologies and millions more innovating and commercializing the products and systems that incorporate these technologies. In exchange, these companies often seek patents on their inventions. By getting a patent on a new technology, the innovative company can then ensure it has a limited monopoly to make and sell the product itself or, as is more often the case, the company can license the technology to other companies to use.
Professor of Law
University of Richmond School of Law