Ikenna C. Ejimonyeugwo of Panitch Schwarze Belisario & Nadel. Courtesy photoPharmaceutical Patents: Benefits and Challenges
Despite the obvious benefits of pharmaceutical patents, they are also a source of contentious debate concerning issues of unaffordable drug pricing, accessibility to medication, and unfair competition. Many argue that pharmaceutical patents cause more harm than good.
November 21, 2024 at 12:46 PM
8 minute read
Pharmaceutical patents are the backbone of the modern pharmaceutical industry. They allow drug developers to possess exclusive rights in their inventions for a limited period of time. That exclusivity drives innovation and is critically important to a pharmaceutical company’s return on investment.
Developing a new drug is risky and costly, with recent estimates ranging from $314 million to $2.8 billion. With so much at stake, it is imperative for pharmaceutical companies to secure patents on their drug products to prevent competitors from copying or selling them without permission. A patent safeguards a company’s goal of recouping substantial costs associated with the research, development, and clinical trials of new drugs.
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