Question

Patents provide protection for new products in the marketplace. Patent protection allows pharmaceutical companies to sell drugs for a number of years without direct competition. This can result in extremely high prices for important (possibly live-saving) drugs.

Should this protection be reduced or eliminated in order to lower costs of health care? What would be the result? Explain your position in detail.

cite your source

Answer 1

Patent helps in protecting the research and development and the unique product developed by a phrama company. This helps in selling their drugs in market without any direct competition. Some of the major flaw in such system is that the pharma company has the discrete rights to fix the pricing of the product and they can generate a psuedo demand which may again results in higher price of the product. Inorder to reduce such adverse effect government and patent authority should take proper monitoring mechanism which will evaluate the

• Extension of patent
• Whether this has to be converted to generic drug or not ( which makes opportunity for other pharma companies to produce)
• Pricing formulation
• Demand generation etc.

Thus understanding the reuirement of drug and how ethically the company is managing their patent should be also monitored inorder to get a proper mechansim in place which provide drugs at reasonable price for everyone.

ref: news-medical- net.com, ncbi.nlm