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{{*Many patents are approved because examiners don’t have time or resources to search all the relevant references* “The past three decades of wanton patent-granting have created a disastrous environment for innovation. Today it’s practically impossible to build anything without violating a patent of some kind—and risking a multimillion-dollar lawsuit for your troubles.” [http://www.wired.com/2012/11/ff-steven-levy-the-patent-problem/ (Problems Wired)]*Technology industry has too many overly broad patents, leading to incredibly silly patent litigation cases**Amazon “owns” the process that allows people to buy things with a single click. **Apple now claims the exclusive right to sell rounded-edged, rectangular-shaped communication devices on which icons are arranged in a grid with Current Patent Systema row of persistent icons at the bottom**A small company in Tyler, Texas, once demanded more than $600 million from Google because of the design of the borders around its display ads.*‘’’Patent Trolls’’’ are nonpracticing entities that don’t make products but exist solely on the revenue of its patents**Costs a few thousand dollars to secure a patent, which can bring in millions through litigation**It is usually more expensive to win a case against a troll than to just settle*Last year, for the first time, spending by Apple and Google on patent lawsuits and unusually big-dollar patent purchases exceeded spending on research and development of new products, according to public filings. [http://www.nytimes.com/2012/10/08/technology/patent-wars-among-tech-giants-can-stifle-competition.html?_r=0 (NYT-PW)}}]
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==Problems with Current Patent System==
==Prize System for Inventions==
The current patent system allows companies to file for the right to exclude if they have a novel, non-obvious invention. The right to exclude creates a temporary monopoly for a certain product, which leads to higher product costs for the consumer. One example of a patent leading to exorbitantly high prices would be Daraprim, a drug produced by Turing Pharmaceuticals. Martin Shkreli, the CEO of Turing Pharmaceuticals, led the charge to increase the price of Daraprim from $13.50 to $750 per pill. [http://www.bbc.com/news/world-us-canada-34331761]
