Celebrating Small Business Heroes Amidst the Pandemic Response

TLDR: The U.S. government may soon vote on a proposal to waive patent rights for COVID-19 tests and treatments, which could have significant negative consequences for small biotech startups. A recent report from the U.S. Patent and Trademark Office found that small businesses were responsible for nearly three-quarters of COVID-19 diagnostic innovations, with over 600 inventions. Patents are crucial for the success of these startups, as they are more likely to gain venture capital funding, be acquired, and go public. A patent waiver would harm startups’ ability to attract investment and conduct research, leading to a decline in medical innovation overall. It could also set a precedent for waiving patent rights in other industries.