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Patents on pharmaceutical drugs: Group of answer choices Encourage the development of potential life saving drugs...

Patents on pharmaceutical drugs:

Group of answer choices

Encourage the development of potential life saving drugs by government

Encourage the development of potential life saving drugs by private sector

reduces the opioid problem

Improve efficiency in the market of drugs

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Answer #1

The correct option is Encourage the development of potential life saving drugs by private sector.

Patents on pharmaceutical drugs encourage the development of potential life saving drugs by private sector.

Patents rights give exclusive right to the patent holder to uniquely sell a product in the market. It gives market power to the patent holder.
Patents are given to firms to encourage them to develop new ideas, new products in the economy. It is a way of encouraging research and development in the economy.

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