- Reduce the time awareded to companies for a patent from 30 years to 10. Market moves very fast these days. Having someone with monopoly for 30 years is too long, and prevents new products to get into market. It may have been okay 200 years back for someone to wait for 30 years to generate new innovation, as technology was not progressing that fast, but such laws are actually restricting progress now.
- If a company does not use its patents to create products in 5 years from filing, void the patent and treat it as public domain knowledge. There are companies who dream but fail to generate products of those dreams. This should not be preventing others with resources to generate products.
Monday, November 20, 2006
One of the prime reason for US to progress in last two centuries were patent laws. But those laws have become archaic. Some changes into those laws are warranted.