drug patents? They are granted for 7 yrs and therapies cost abt $13B & about 10 yrs to get to market, *if they pass clinicals. I wouldn't say it's a monopoly. Its FDA issue. Patents protect costs of innovation, development and launch. The cost of drugs is also an issue.
Drug Parents are a government granted monopoly. Why do those who defend any drug pricing using generic “free market, make your own medicine” talking points ignore that it’s illegal to make your own medicines, and thus there isn’t a free market in pharmaceuticals?
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Abuse of Patent Protections is definitely a Core part of problem. But part of the issue is that even after patents expire, generic drug competition doesn't seem to bring down prices the way they naively should...
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Seems healthcare-related discourse is focused in the wrong areas. All healthcare issues stem from insurance companies et al, the systemic flaws that encourage/allow the crazy pricing and tainted information flow. The “cost” of any of the products or services is a distraction.
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What’s the difference between a pharmaceutical and a supplement? I generally do not know. Supplement laws are much more lenient
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Supplements supplement compounds that are already in and needed by the human body to function properly. Some vitamins, amino acids and can be manufactured by our bodies *if* we eat foods with w/raw ingredients - others come from what we ingest. Drugs are non-natural compounds.
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Patents are a goverment granted monopoly as an incentive for innovation.
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Excessive patents can kill innovation, there is a difference between an incentive and a free market destroying indefinite monopoly. Balance is the key.
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Because drug development is an incredibly time-consuming, risky and expensive process. What is the incentive to innovate if you can’t even have a few years of exclusivity as a reward for bringing the drug to market in the first place?
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Where do drug companies get money to develop drugs? They have to raise capital from investors. How will you pitch a venture to investors that will costs hundreds of million of dollars and have a success rate of under 15% if you can’t even recoup the costs through high prices?
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The US essentially subsidizes drug R&D for most of the world because the most risk tolerant investors are in the US — they know that if they get a home run drug, they will make astronomical returns. Remove that incentive and you seriously stifle innovation.
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Most ignore the government barriers to enter the drug market.
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Last time I checked Big Pharma contributions were about equal to Dems and Reps. How do you break it down?
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This is why medical cannabis is an issue at all. It bypasses the patent protection.
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The patents play only a small role and can help with product developement. It is raising prices on older drugs, like insulin, that demonstrate the real problem - monopoly power.
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It's like the law of gravity. Any government regulator will eventually become regulated by the industry it purports to regulate. Then they will erect barriers to entry to insulate their own business from competition. See Facebook offering to help write up social media regulation
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Pharmaceutical advertising needs to be eliminated from TV again. That was a huge mistake.
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