PHARMACEUTICAL PATENT Meaning and
Definition
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A pharmaceutical patent refers to a legal protection granted by the government to an inventor or a pharmaceutical company for their new or enhanced drug product, formulation, or manufacturing process. It is a type of intellectual property right that exclusively grants the patent holder the right to produce, sell, market, or distribute the patented medicine for a limited period, typically 20 years from the date of filing.
The purpose of a pharmaceutical patent is to reward and encourage innovation in the field of medicine by providing an incentive for companies to invest in research and development of new drugs. These patents serve as a means to recoup the substantial costs incurred during the drug development process and to secure a competitive advantage in the market.
A pharmaceutical patent offers the inventor or the patent holder a monopoly-like control over their invention, preventing others from producing or selling a similar drug without their consent. This exclusivity empowers the patent holder to charge higher prices for the patented medicine, aiming to recover the expenses incurred during development while financing future research endeavors.
However, pharmaceutical patents have been a topic of debate due to concerns related to affordability and accessibility of essential medications, particularly in developing countries. Critics argue that these patents can lead to monopolistic pricing, limiting access for patients who may not be able to afford necessary treatments. In response, various approaches, such as compulsory licensing, have been implemented to facilitate access to patented medicines while considering both innovation incentives and public health interests.
Common Misspellings for PHARMACEUTICAL PATENT
- oharmaceutical patent
- lharmaceutical patent
- 0harmaceutical patent
- pgarmaceutical patent
- pbarmaceutical patent
- pnarmaceutical patent
- pjarmaceutical patent
- puarmaceutical patent
- pyarmaceutical patent
- phzrmaceutical patent
- phsrmaceutical patent
- phwrmaceutical patent
- phqrmaceutical patent
- phaemaceutical patent
- phadmaceutical patent
- phafmaceutical patent
- phatmaceutical patent
- pha5maceutical patent
- pha4maceutical patent
- pharnaceutical patent
Etymology of PHARMACEUTICAL PATENT
The word "pharmaceutical" originates from the Greek word "pharmakon", which means "drug" or "medicine". The term "patent" comes from the Latin word "patens", meaning "open" or "available". The combination of these words, "pharmaceutical patent", refers to the legal protection granted to inventors of new pharmaceutical products or processes.
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