Venture Association Urges Prompt Passage of Patent Attorney Act Amendment... To Protect Patents and Respond to Litigation

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[Asia Economy Reporter Kim Bo-kyung] The venture industry has welcomed the passage of the "Patent Attorney Act Amendment" for joint litigation representation by lawyers and patent attorneys in patent infringement lawsuits through the subcommittee of the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee.

On the 9th, the Korea Venture Business Association issued a statement saying, "We welcome the passage of the Patent Attorney Act Amendment by the subcommittee and urge its prompt passage in the National Assembly."

The association emphasized, "In the era of the Fourth Industrial Revolution, where technology is rapidly advancing and becoming more sophisticated, the help of patent attorneys, who are top experts in the field of industrial property rights, is urgently needed to effectively protect patents, the only weapon venture companies possess, even in patent infringement lawsuits."

It also reported the industry situation, stating, "In reality, unless a large law firm with patent attorneys is involved, venture companies cannot properly respond to patent lawsuits and end up giving up on litigation due to increasing litigation costs and duration."

Furthermore, it said, "The joint litigation representation system can be a way to reduce the burden of litigation costs for companies by resolving prolonged lawsuits," adding, "Major countries such as Europe, Japan, and China already guarantee the litigation representation of patent attorneys in patent infringement lawsuits."

Finally, it appealed, "For the development of both companies and the national industry, the National Assembly and government should improve outdated regulations such as introducing a joint litigation representation system by lawyers and patent attorneys in patent infringement lawsuits and strive to create an ecosystem that revitalizes ventures and startups."

This content was produced with the assistance of AI translation services.