Under current law, U.S. patent protection gives innovators the exclusive right to sell their new inventions for a set period, usually 17 years. After that, anyone can make and sell the same product. This short-term monopoly rewards inventors and gives them enough time to recoup their costs — while ensuring that the new product eventually reaches a broader market.

U.S. patents have fostered American innovation ever since George Washington signed the first one in 1790. By protecting the rights of inventors, the U.S. patent system has spurred the development of everything from the light bulb to life-saving medicine.

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