In a letter to Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reid, the IEEE points out that the Patent Reform Act is a “disincentive to inventiveness” and “stifles new businesses and job growth.” The IEEE believes the Patent Reform Act creates an environment “harmful to individual inventors and small business.”
By undermining the current protections afforded inventors under the current patent system, the Patent Reform Act would allow large companies to exploit inventions of smaller players, creating a huge disincentive to innovate. Consumers will not see any price breaks. Instead, if the Patent Reform Act were to pass, consumers would likely be paying higher prices to larger companies selling older, less efficient, technology. Under the current system, which fosters innovation, customers spend less money, with smaller companies, which have developed better, faster solutions.
The Patent Reform Act simply strips away the protections and rewards patents afford smaller, more innovative companies, ensuring such innovations, and the benefits they provide consumers, never see the light of day.