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Why are patents and intellectual property rights important in the pharmaceutical industry?

April 26, 2017Industry intellectual property patents pharmaceutical Rights

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Why are patents and intellectual property rights important in the pharmaceutical industry?

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The pharmaceutical industry is uniquely dependent on patents and other forms of intellectual property rights to ensure some form of marketing exclusivity in order to recoup its substantial cost of research and development in proving the safety and efficacy of a drug. Without exclusivity, most products would be immediately copied as the technical barriers to entry by competitors could be easily overcome.