Monopolies on patented prescription Drugs essays

Monopolies on patented prescription Drugs essays In the United States any person or organization can patent an invention or original concept for a period of 17 years during which time the idea or the product cannot be duplicated, manufactured or sold by anybody else other than the patent holder. Patenting has been sorely abused as many drug manufacturers have literally monopolized the market by obtaining patents for important life saving drugs. Patenting creates a monopolistic market scenario in which the patentee who enjoys a competition free market dictates the price of the drugs. Invariably these drugs are priced very high and it is the consumers who are affected the most. While we cannot neglect the fact that the patentee has spent millions of dollars in research and development of the drug we cannot totally ignore the consequences for the consumers as well. The swelling prices of prescription drugs are definitely forcing us to thinkover alternative options and importing cheaper drugs are certainly a choice to be considered. The government formulated the MEDSA (Medicine Equity and drug safety act) to facilitate the import of cheaper drugs from other countries but owing to safety considerations the act is yet to be enacted. There are arguments that the cost that will be incurred by FDA in testing and approving these gray goods would minimize any potential benefit for the U.S So with MEDSA yet to be implemented the domination of the monopolies continues. What's even more alarming is that Patentee's go out of the way to delay the generic drugs from coming to the markets. A case in example is Paxil' a drug that continues to earn huge profits for GlaxoSmithKline. The company has made serious infringements and has managed to freeze any competition by obtaining new patents for the various ingredients in the drug. Market statistics indicate that Paxil continues to earn $4.4 million ...