Intellectual Property Rights in Pharmaceuticals

Intellectual Property Rights (IPR) in pharmaceuticals refer to legal protections that grant inventors exclusive rights to their inventions, such as new drugs and formulations. These rights encourage innovation by allowing companies to recoup research and development costs, typically through patents that last about 20 years. However, this exclusivity can lead to higher drug prices and limited access. Balancing IPR is crucial: while it incentivizes advancement in medicine, it’s essential to ensure that life-saving medications remain accessible to those in need, fostering both innovation and public health.