DQ 4.

Describe the role of patents as barriers …etc

Answer

In general, a patent refers to granting of a property right by a sovereign authority to the inventor of the product, process,
design, or invention for a designated period of time, which is currently, the maximum of 20 years.

In the pharmaceutical industry, patents refer to the legal barriers and protection for a new medicine, vaccine, treatment,
medical procedures, and surgical strategies on the market (if a patent is applied for) against imitation, usage, and/or
reproduction.

A patent is a good idea to protect a specific intellectual property when it is first out on the market which obviously
provides competitive advantages for its owners, especially if the invention or formulation is tested and proven effective
during its clinical trials and that market end-users see this as an effective solution to a medical problem or a substitute to
more expensive products/services available in the market and without side-effects. Before, the pharmaceutical industry
has taken this protection to a higher level by "adjusting" the product and seeking patent extensions in order to protect
their profits on a product and their competitive advantage in the market competition.

However, seeking an extension just to keep competition unbalanced seems unethical. This prevents other companies from
introducing a similar product, that can be more price-competitive into the market, thereby inhibiting a fair competitive
market.

As a result, consumers are the ones who lose in this situation as they pay more for a product because the greedy
pharmaceutical company wanted to extend their patent. Despite the fact that the health agency of the federal
government imposes an administrative licensing for these patents allowing other pharmaceutical manufacturers to
manufacture the same type of product, this does not significantly improve the challenges and problems caused by these
patents, especially that health products and services are considered crucial commodities in the community.

United kingdom pharmaceuticals & healthcare report - Q3 2022. (2022). (). London: Fitch
Solutions Group Limited. Retrieved from Entrepreneurship Database Retrieved from
https://www.proquest.com/reports/united-kingdom-pharmaceuticals-amp-healthcare/docview/
2661670597/se-2