patents for pharmaceuticals

Patents for pharmaceuticals give a company exclusive rights to make and sell a new drug for a certain period, typically 20 years from filing. This protection encourages innovation by allowing companies to recoup research and development costs. During this time, others cannot produce generic versions, which often leads to higher prices. After the patent expires, generic manufacturers can produce cheaper alternatives, increasing access to the medication. Patents balance incentivizing innovation with eventually providing affordable options for patients once exclusivity ends.