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Pharmaceutical - Essay Example

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In the past, several authors revealed that the use of patent right does not only protects the business interests of pharmaceutical companies but also promotes a continuous technological innovation on drug development (Eisenberg, 2001; Cornish, n.d.). For this reason, people should acknowledge significance of IPRs in the promotion of better life. Even though excessive use of patent rights can impede fair market competition for at least two decades (Vedder, 2004; Sergio, 2001), we should not forget that there are quite a lot of health and socio-economic benefits associated with the use of this particular intellectual property right. As a common knowledge, the search and development of new pharmaceutical drug can cost hundreds and millions of dollars before pharmaceutical companies are able to come up with new drugs that can cure diseases (Findlay, 1999). Considering the fact that the monetary investment spent on the establishment of research and development (R&D) among the local and international pharmaceutical companies can be enormous, the process of making it illegal for pharmaceutical companies to receive a patent right protection for their drugs will not only hurt the long-term profitability of the company but also its ability and financial capability to be able to fund new projects related to the development of new drugs. For instance: Company A spent US$50 million over the development and manufacturing of new drug that can effectively cure an epidemic disease. In case company A is

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not protected by a patent, Company B or Company C may simply be tempted to copy or imitate the drug that has first been developed and manufactured by Company A. When this happen, the only way for Company B and C to grab a bigger portion of its market share is to sell a similar yet effective drug to domestic and international markets at a very much lower price. Upon analyzing the given scenario, Company B and C are most likely to be capable of selling an imitated drug at a much lower market price as compared to the market price Company A is willing to sell the said drug. The fact that Company B and C did not exert much effort nor invest so much money on its research and development (R&D) in order to come up with these drugs can already put Company A at a disadvantage. Based on this point-of-view, fair market competition for Companies A, B, and C has already been violated right from the start. Due to Company A’s inability to recover the money they spent on research and development projects, this given scenario could even make Company A suffer from financial difficulties or bankruptcy in the long-run. Therefore, it is not fair to allow Company B and C to benefit from “rent-seeking” opportunity at the expense of Company A. Specifically the human need and demand for new and more innovate pharmaceutical drugs will always be present because of the continuous emergence of new and unknown diseases. In case these pharmaceutical drug companies would become less motivated in the search and development of new drugs, people in general would be the one to suffer from the health consequences associated with the absence of drugs that can cure their illnesses. Although there is a strong risk that some of these
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Summary

Patent on Pharmaceutical Drugs Student Number and Number Name of Professor Number of Words: 748 As explained by Davis (1995), intellectual property rights (IPRs) such as patents serves as a temporary protection to pharmaceutical companies which could last up to a maximum of 20 years of monopolistic right to sell a given drug…
Pharmaceutical
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