Senator Coons commended the Senate Judiciary Committee’s passage of two critical bills to combat dangerous intellectual property theft on Thursday. The first bill that passed the Committee was the Counterfeit Drug Penalty Enhancement Act of 2011, which would penalize those knowingly trafficking in counterfeit pharmaceuticals. The second bill was the Economic Espionage Penalty Enhancement Act, which would increase the maximum penalties for theft of a trade secret to benefit a foreign company or government.
A firm believer in the importance of protecting American innovation and ideas, Chris, who is a cosponsor of both bills, has repeatedly highlighted the importance of intellectual property and strengthening our government’s efforts to enforce intellectual property rights.
“Individuals who steal ideas from American companies are stealing more than just intellectual property — they are stealing jobs, and when pharmaceuticals are involved, they are putting lives at risk,” Chris said in a statement to the press. “This country cannot afford to let the rampant intellectual property theft underway now to continue to go unchecked. Trade secrets — whether in the form of ideas, schematics, or formulas — are critical to American companies and especially to American manufacturers. As a nation we haven’t done enough to protect the ideas on which our economy depends, but these measures will help change that.”
Copyright infringement and the sale of counterfeit goods cost the U.S. economy billions of dollars and hundreds of thousands of jobs, in addition the billions of dollars in lost tax revenue for federal, state and local governments and threatens the safety and wellbeing of consumers. Fortunately, the two measures passed by the U.S. Senate Judiciary Committee on Thursday will help combat the theft of intellectual property by increasing the sentences of criminals who are found guilty of trafficking in counterfeit pharmaceuticals or committing economic espionage.
Chris is a member of the Senate Judiciary Committee and a former counsel for one of Delaware’s leading science-based manufacturers.
Click here to learn more about Chris’ work on the Senate Judiciary Committee.