One of the more troublesome aspects of patent law is worrying about if something that you want to patent may have existed before you filed the patent, but starting today, that will no longer be a worry, because from here on, the US is moving to a "first to file" system, meaning prior art doesn't matter as long as you were the first to file for a patent.
The change comes thanks to the Leahy-Smith America Invents Act (AIA), which is the patent reform bill that President Obama signed into law in September of 2011. It is the same bill which President Obama more recently said only goes "halfway" to the full reforms needed in the patent system. The major components of the bill go into effect today, meaning the patent application process should be streamlined, small businesses get a break on filing costs, and it means that the US is now a "first to file" system.
This means that prior art doesn't matter at all. As long as your patent was filed first, even if it wasn't approved first, you have the legal upper hand. The actual economic and legal ramifications of this may not be clear for a while. But, we all have to keep in mind that even if you think of an idea, or even bring it to market first, that doesn't matter if you don't have the first filed patent.
A "first to file" system is how the majority of patent systems are done around the world, and should cut down on legal fees related to patents by making cases more straightforward. The bill also has provisions to attempt to curb patent trolls by stipulating that non-practicing entities (aka trolls) have to file one lawsuit per defendant, rather than filing one lawsuit with sometimes hundreds or thousands of defendants. The cost of that alone is expected to slow trolls.
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