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Patent term extension

Patent term extension is a legal provision that allows the original term of a patent, which is typically 20 years, to be extended under certain circumstances. This is usually applicable in cases where regulatory delays, especially in the approval of new drugs or medical devices, have shortened the effective life of the patent. The aim is to provide inventors and companies additional time to profit from their inventions, compensating for time lost during the approval process. This extension helps encourage innovation by offering more incentives to invest in research and development.

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    Patent Term Extension (PTE) is a provision that allows the original duration of a patent, usually 20 years, to be extended under certain conditions. This extension compensates patent holders for time lost during the regulatory approval process, particularly in industries like pharmaceuticals and biotechnology, where getting a product to market can take many years. By granting additional time, PTE aims to enhance the incentive for innovation and investment in research and development, allowing inventors to enjoy their exclusive rights for a longer period before others can enter the market with similar products.