Definition of patent drug

Benefits of a Patent Drug  February 24, 2009 – 11:40 pm
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Jeffrey Tucker, the editorial vice president of the Ludwig von Mises Institute, an informational website that bills itself as "...advancing the scholarship of liberty in the tradition of the Austrian School has an insightful article justifying the practice by the pharmaceutical industry to patent a drug. The article, first of all, doesn't seek to provide a definition of patent drug; it explores the place and importance of drug patents.

Jeffrey first acknowledges that the process of drugs making is expensive and complex, and cautions against discussing it cavalierly. For instance, he cites the cost of research and development of new drugs, and that of seeking their approval with Federal Drugs Administration (FDA) as some of the justifications for protecting drug patents. Of course none of this is a new use of drug patents; they're costs traditionally associated with research and development of new drugs that, as Jeffrey puts it, pharmaceutical companies must factor in their operations.

"...without patents, compensation for the hundreds of millions of dollars necessary for jumping through FDA hoops would not be forthcoming, " says Jeffrey. Warning against counterfeiting, which, in itself, has not proved to increase access to medicines in poor countries, Jeffrey cautions that if a pharmaceutical company can't patent drug, it'll be forced to make full disclosure of its drugs formulas. This, Jeffrey further warns, could encourage unscrupulous and predatory behavior from generic makers out to make a quick kill: They'll seize on the formulas to make knock-off drugs, whose safety wouldn't be guaranteed, which, in turn, could undermine genuine drug makers' efforts to recoup cost incurred while developing the new drug. The pharmaceutical industry, of course, cannot be expected to be indifferent to any incident (s) of drug company patent abuse; it'll be out in full swings to protect its interests.

Source: Full text health | medicine articles - Content for Reprint

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