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Do Pharmaceutical Patents Do More Harm Than Good?
By Ikenna C. Ejimonyeugwo
Pharmaceutical patents are the backbone of the modern pharmaceutical industry. They allow drug developers to possess exclusive rights in their inventions for a limited period of time. That exclusivity drives innovation and is critically important to a pharmaceutical company’s return on investment.
Developing a new drug is risky and costly, with recent estimates ranging from $314 million to $2.8 billion. With so much at stake, it is imperative for pharmaceutical companies to secure patents on their drug products to prevent competitors from copying or selling them without permission. A patent safeguards a company’s goal of recouping substantial costs associated with the research, development, and clinical trials of new drugs.
Despite the obvious benefits of pharmaceutical patents, they are also a source of contentious debate concerning issues of unaffordable drug pricing, accessibility to medication, and unfair competition. Many argue that pharmaceutical patents cause more harm than good. For example, given that a patent effectively grants a monopoly over a drug for the life of the patent, patent owners may charge higher prices to secure higher profit, knowing a competing drug or generic version is unable to enter the market during that time. This can be problematic if it causes life-saving medications to become unaffordable.
This article discusses how a pharmaceutical patent works, its role in drug development, and the polarizing impact it has on global health care.
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