Compose a 250 words essay on American Life Episode: ‘When Patents Attack Part Two’. Needs to be plagiarism free!
Although he worked with other business partners, he claimed the application to himself before selling it to Intellectual Ventures. It was neither a new idea. neither was it his. The podcast brings out an important gap in the field of technology where unused patents could be monetized. On the other hand, it highlights the controversies that surround the United States patent system. Currently, the system is plagued by two major challenges. Firstly, internal challenges attributed to its actual operation. Secondly, external challenges have been highlighted on its economic and social impact as well as its policy role. Such fears have been raised ion the wider public domain. The apprehension and unease have generated public debates on the current state of the patent system. The issues of concern are issuing of invalid patents, extension of patents to newer technologies such as biotechnology and encouraging unfair competition (World Intellectual Property Organisation, 2015). In retrospect, it actually hinders innovation which it was meant to promote. Therefore, how could we fix this? I propose a shortening of patent terms to five years with regulatory approval for special patents such as those involving the sale of drugs and medical equipment. Secondly, if patents are to be maintained beyond five years, a higher sum should be charged. However, the maintenance can only be for a maximum of two years. Thirdly, a year after issuance, patent owners should productize the innovation. failure to which they lose the patent.
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