clipped from: money.cnn.com   

The House of Representatives approves a highly controversial bill that makes key changes to the U.S. patent system; manufacturers, biotechs oppose.

Technology and financial services firms won a key patent reform victory Friday when the House approved legislation

The Coalition for Patent Fairness and the Business Software Alliance, whose members include high-tech titans such as Apple (Charts, Fortune 500) and Microsoft (Charts, Fortune 500), lauded the decision as a boon for inventors and consumers.

the bill seeks to improve patent quality and reduce patent litigation, which can be a costly and time-consuming exercise for firms of all sizes.

The legislation would limit damage awards for patent infringement and grant patents to the first inventor to file an application, a switch from current law in which the patent goes to the first person to develop the innovation.