A Win for Innovation: President Signs America Invents Act

INDIANAPOLIS, Sept. 16, 2011 /PRNewswire/ — Today’s historic signing of the
America Invents Act represents a huge win for innovators and improves U.S.
competiveness globally by aligning new patent laws more closely with those from
other countries, said John Lechleiter, Ph.D., Chairman, President and Chief
Executive Officer of Eli Lilly and Company (NYSE: LLY).

Lechleiter joined other key leaders at President Obama’s signing ceremony today
in Alexandria, Va. The law, which had the support of a bipartisan Congressional
majority led by Sen. Patrick Leahy (D-VT) and Rep. Lamar Smith (R-TX), will
speed the commercialization of innovative discoveries and provide greater
certainty for those who invest in bringing new products to market.

“This new law is the most significant overhaul of the U.S. patent system in 175
years. Lilly has championed efforts to modernize the patent system for many
years, and we’re extremely pleased that the America Invents Act is now a
reality,” Lechleiter said. “A strong patent system is crucial to driving
America’s economic competitiveness and global leadership in fields like
biopharmaceutical research, which employs more than 650,000 people and supports
more than 3 million U.S. jobs.”

The new law will provide a simpler path forward for innovators by reducing red
tape and enhancing the quality of patents that are granted. The Act will also
provide resources needed to help eliminate the backlog of 700,000 applications
awaiting action in the U.S. Patent and Trademark Office.

“Modernizing U.S. patent laws will provide huge new advantages for U.S.
inventors by streamlining the application process and addressing the huge
backlog of current applications,” said Robert Armitage, Lilly’s senior vice
president and general counsel. Armitage called the new law the “most important
change to our patent system since the Patent Act of 1836.”

Transitioning the U.S. from a “first-to-invent” to a “first-inventor-to-file”
system, the new law creates a set of transparent, objective, predictable and
simple standards for gaining a patent – securing the U.S. as a leader in
international efforts aimed at achieving greater consistency in global patent
laws.

A broad coalition of universities, medical colleges, inventor organizations,
organized labor, industry trade groups and coalitions, bar associations, and
individual businesses supported the new law, with a strong bipartisan consensus
that the America Invents Act represents a unique “job-creation bill” that
required no taxpayer funding and would not add to the federal deficit.

“Lilly supports any efforts to promote innovation at home and American
competitiveness abroad,” Lechleiter said, “and with the passage of this bill and
a clearer, more certain process, we can be sure that American inventors will
keep inventing right here.”

About Lilly

Lilly, a leading innovation-driven corporation, is developing a growing
portfolio of first-in-class and best-in-class pharmaceutical products by
applying the latest research from its own worldwide laboratories and from
collaborations with eminent scientific organizations. Headquartered in
Indianapolis, Ind., Lilly provides answers – through medicines and information -
for some of the world’s most urgent medical needs. Additional information about
Lilly is available at www.lilly.com. C-LLY

(Logo: http://photos.prnewswire.com/prnh/20031219/LLYLOGO )

SOURCE Eli Lilly and Company