Pharmaceutical Patents

Pharmaceutical patents are legal protections granted to inventors of new drugs, allowing them exclusive rights to produce and sell their inventions for a certain period, usually 20 years. This exclusivity incentivizes innovation by ensuring that companies can recoup the significant costs of research and development. During this time, competitors cannot manufacture or sell the patented drug without permission, which helps the patent holder secure profits. After the patent expires, other companies can create generic versions, increasing access and reducing costs for consumers. Thus, pharmaceutical patents balance encouraging innovation with eventually promoting competition and affordability.