The Federal Trade Commission (FTC) is to investigate the growing market in intellectual property to determine whether new regulation is needed.

Separate hearings will cover three topics: developing IP valuation and licensing business models; changes in remedies law; and legal doctrines that affect the value and licensing of patents.

"The patent system has experienced significant change since the FTC released its first Intellectual Property Report in October 2003, and more changes are under consideration," said the organisation.

"The courts and patentees are exploring the full implications of Supreme Court and Federal Circuit decisions on injunctive relief, patentability and licensing issues."

The cumulative impact of these changes and proposed changes are "poorly understood", according to the FTC.

"They contain the potential to significantly influence a patent's economic value and the operation of the intellectual property marketplace," it said.

"The FTC hearings will consider the effect of these changes on innovation, competition and consumer welfare."

While the panels are open to the public, industry players including Cisco, Yahoo and the Computer & Communications Industry Association are expected to testify, along with professors, lawyers and other experts.