What are patents and why do they expire?
Patents are a mechanism to further the public interest by giving a temporary monopoly to inventors of new products in return for sharing their knowledge with the broader scientific community. The temporary monopoly allows the inventors to recoup their costs and make a reasonable profit. However, once the period of the patent is over, the knowledge becomes part of the public domain and can be utilized by everyone. In this manner the incentive for innovation remains, while at the same time, the public’s interest in the free flow of knowledge is maintained. In pharmaceuticals, patents operate to guarantee the opportunity for a company to profit by original discoveries, but also the patients’ right to affordable medicines.
Patents further the public interest by giving a temporary monopoly to inventors of new products in return for sharing their knowledge with the broader scientific community. The temporary monopoly allows inventors to recoup their costs and make a reasonable profit. However, once the period of the patent is over, the knowledge enters the public domain and can be utilized by everyone. In the pharmaceutical industry, this is where generics come in.
