Essay on Drug Patents and Generic Drugs in Chile

Essay on Drug Patents and Generic Drugs in Chile

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Patent rights, usually lasting up to 20 years before expiration, allow the pharmaceutical company which produced the drug, the right and ability to sell it. These patents create a temporary monopoly which allowing firms who paid for production to make a profit for their investment. Generally after the patent has expired, the drug is then mass produced under generic labeling, and is often much cheaper and accessible than was the patented version. But throughout the duration of the patent, availability of the drug has become a large problem. With only one company having exclusive rights in marketing and manufacturing the drug, it becomes unavailable in some countries and its high costs prevent those in need from obtaining it. The Drug Competition and Patent Term Restoration Act allows the FDA to approve the production of generic versions of previously patented drugs by bypassing the redundant health and safety research measures reducing the additional amount of years for public availability of the drug.
The United States-Chile Free Trade Agreement (FTA) entered into force on ...

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