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Joint Economic Committee Holds Hearing on Innovation Economy, Barriers to Accessing Capital

One panel witness, Rachel King, CEO of the Rockville, MD-based biotech firm GlycoMimetics, said that she was greatly concerned by the effects of the IPR process and how it weakens the company’s ability to enforce its own patents. “There are very few areas of the nation’s economy that are as dependent on patents as the biotechnology industry,” King said. “Our investors rely on the strength of patents in order to make investments in companies like ours and we need to make sure that these rights are robust and enforceable.” King was very supportive of the STRONGER Patents Act as a piece of legislation that properly addresses the current deficiencies with the IPR process.
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