Biotechnology Industry Organization (BIO) president and CEO Jim Greenwood issued statement regarding the introduction of patent reform legislation in the US House of Representatives and Senate.

BIO continues to welcome improvements to the US patent system, particularly those that increase patent quality, increase public participation, and provide additional resources to the Patent and Trademark Office (PTO), the statement said.

"While BIO continues to have concerns with some of the specific language in the bills introduced today, we understand that today's introductions are just the beginning of the legislative process. We look forward to working in good faith with the Chairmen, other Senators and Representatives, and other stakeholders to achieve positive, meaningful, and consensus-oriented reforms to the patent system - reforms that will further enhance patent quality and spur innovation and economic growth here at home," mentioned the communiqué.

"We share President Obama's goal of investing in the innovation economy to help fuel our nation's economic recovery. The nation's strong patent system has enabled us to be a world leader on innovation. Weakening intellectual property protection would jeopardize this leadership. Changes to the patent system require careful consideration and debate, particularly in the current economic environment. We are eager to play a constructive role in this regard," it added.