Printing Industries of America Supports Introduction of Innovation Act of 2013
Printing Industries of America (PIA) on Monday announced its support for the introduction of the Innovation Act of 2013. The act, introduced by House Judiciary Committee chairman Bob Goodlatte and a bipartisan group of co-sponsors, aims to address the recent abuses of the legal system by patent-assertion entities, or "patent trolls." It is estimated that more than $29 billion per year is wasted on these lawsuits, not accounting for the loss of innovation. This bill would increase transparency, discourage frivolous patent litigation and update current U.S. patent laws.
"Instead of focusing on innovation and job creation, many businesses, including printing companies, have to devote significant resources to defending against these costly lawsuits," said Lisbeth Lyons, vice president of government affairs for PIA. "Abusive patent litigation is a strain on the economy, leading to truly wasted capital—capital that could have been used to create jobs or fund further innovation in the marketplace."
Lyons continued, "Printing Industries of America continues to push for passage of this legislation to encourage patent holders to use their technology to further incentivize creativity, rather than extort expensive settlements from downstream users. The introduction of this bill is a major step forward in curbing expensive and frivolous patent litigation. We look forward to working with Chairman Goodlatte and his colleagues on a bipartisan basis to promptly move the bill through the Judiciary Committee toward full House approval."