America Invents Act Signed into Law

"This much-needed reform will speed up the patent process so that innovators and entrepreneurs can turn a new invention into a business as quickly as possible," President Obama said in a statement.

The new Act includes multiple measures designed to increase the effectiveness and fairness of the U.S. patent system. Among the reforms are efforts to increase patent quality by giving the U.S. Patent and Trademark Office (USPTO) more resources and improving quality management processes. The new act also will provide a new fast track option that will enable patent to be issued inside of 12 months instead of the current average wait time of three years.

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