Patents on drugs

Acknowledgment of Groundbreaking Research

A patent, by definition, is an exclusive right to a substance for a certain period of time; in this case, pharmaceutical firms are typically given patents in the form of a chemical formula used to produce a new drug, meaning that competing companies cannot replicate the process. These patents usually have a life of 20 years after which time other firms will manufacture generic products based on them. This paper discusses whether governments grant patents to firms, and how these patents seem to be an acknowledgment of a company's groundbreaking research on a new product. Due to continued research and producing a new drug in the market, government patents guarantee a profit by offering them a platform to make and distribute the drug worldwide (Bodem, (2017). Moreover, this acts as an economic catalyst that helps the companies put in new research work as a reward and motivation for their work. Besides, these patents are enforced by World Trade Organization (WTO) National Patent Offices and are evaluated by the world intellectual property organization (WIPO) (Siddiqi, 2005). The primary role of these organizations is to ensure the company has patent protection and protection of the company's intellectual rights (Herper, 2002).

Expiration and Generic Drugs

However, after the patent has expired other companies then sell the drugs where it is then referred to as a generic drug (Mandal, 2016).

Assurance for Research and Development

In conclusion, research and development take effort, investments, and risk, in such, government patents acts as an assurance to continued research and development and a way to attract investors in the pharmaceutical industry. Moreover, despite these drugs acting as an improvement to humanity, patents ensure that more there are enough investments for more research in medicine which is ultimately used for a better living.

Reference

Bodem, R. (2017). Pharmaceutical Patent Profits Facilitate Innovation. mckendree.edu. Retrieved 23 February 2017, from https://www.mckendree.edu/academics/scholars/issue11/bodem.htm

Herper, M. (2002). Solving The Drug Patent Problem. Forbes.com. Retrieved 23 February 2017, from http://www.forbes.com/2002/05/02/0502patents.html

Mandal, A. (2016). Drug Patents and Generic Pharmaceutical Drugs. news-medical.net. Retrieved 23 February 2017, from http://www.news-medical.net/health/Drug-Patents-and-Generics.aspx

Siddiqi, A. (2005). Patents and Pharmaceutical Drugs The Need for Change. Intellectual Property Law, 1(1). Retrieved from http://web.stanford.edu/group/journal/cgi-bin/wordpress/wp-content/uploads/2012/09/Siddiqi_SocSci_2005.pdf