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The United States uses the patent system as its primary device to encourage the development of...

The United States uses the patent system as its primary device to encourage the development of new drugs. What are the advantages and disadvantages of this system relative to other approaches the US might use?

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Answer #1

Advantages

1.It can stop other countries from copying the product.

2.US can charge higher price for this drug from other countries.

3.Competition can be avoided for a substantial period of time.

Disadvantages

1.Poor countries can be exploited as they lack resources to purchase costly drugs.

2.It is very expensive to obtain a patent and it concerns legal matters.

3.Information about the technology used in the production becomes available publicly and therefore,the drugs can be illegally produced and sold which can cause a loss in the US revenue.

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