What would be the economic dangers of eliminating patent protection in the pharmaceutical industry as a means of "eliminating monopoly power"?
What will be an ideal response?
It is certainly true that in some cases patents allow companies including pharmaceutical firms to enjoy a legal monopoly albeit a temporary one. However, eliminating patent protection could lead to the result of fewer drugs being brought to market. The reason is that the profit potential will be removed when firms know that their discoveries and expensive research can easily and legally be reproduced by rival firms.
Economics
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