Congress is considering a bill to address problems with the patent protections afforded to American drug firms. Though well-intentioned, this bill would hamstring firms' ability to create new medicines and improve existing drugs.
If you've seen CNBC's "Shark Tank," you understand the importance of intellectual property protections. When deciding whether to invest in a young company, the business mogul "sharks" often ask whether the entrepreneur has filed for a patent. And they're impressed when the answer is "yes."
The reason? Patents are critical for innovation.