Brussels, 15 December 2016
European innovators are threatened by significant abuse of the patent legal system, perpetrated by patent assertion entities that make no products or services but buy up patents expressly to demand payments from successful companies. In response, a new European industry coalition – IP2Innovate – is pressing for a more robust, balanced and flexible legal system to protect Europe’s innovators and enable Europe’s innovation potential to flourish.
IP2Innovate brings together small and large companies that create innovative products and services in Europe and collectively hold thousands of European patents, as well as European industry groups that represent over 35 companies. Millions of Europeans enjoy better health and safety, new smart gadgets and access to information on the go as a result of the products and services developed by IP2Innovate members.
Many cutting-edge companies operating in Europe are increasingly threatened with abusive patent lawsuits, which could result in stifled innovation, scared investors and even lost customers. People risk missing out on new quality of life inventions. The European legal system must adapt, or it will, according to the patent trolls, become a more attractive target of attacks once the EU Unified Patent Court starts work.
“IP2Innovate wants a robust, balanced and flexible legal system that protects innovators against abuse, works in the public interest and rewards innovators,” said Patrick Oliver, Executive Director of IP2Innovate. “With thousands of patents in a single product and dozens of companies contributing technology to that product, just one abusive lawsuit can delay, push up costs or even stop new innovations. Patent court judges must have the ability to assess appropriate remedies and balance the rights and interests of all market participants.”
Innovation is key to Europe’s prosperity, creating jobs and improving our quality of life. With a robust, balanced and flexible legal system, Europe’s prosperity can be enriched and people can enjoy innovation’s full potential.