The TRIPS agreement consists of a set of regulations for intellectual property. Some of these practices of the rules include “compulsory licensing”, where there is a twenty-year patent for production of drugs and domestic production must be authorized by the patent holder as well as “parallel imports”, where countries search for the least costly licensed producer rather than the patent holding country of a drug to buy from (Oxfam 1999, 17). In developing countries, “less than 10 percent of the population is covered by health insurance, and more than 60 percent of the cost of drugs are paid for directly by pati...
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...ll 1869, 3).
Developing countries must find their own path towards eradicating poverty. They must position themselves strategically amongst others in the globally connected economy by being selective on what is beneficial to adopt and implement in their own nations without being machines for the elite and influential powers of the twenty-first century. Developing countries must be aware that economic growth alone does not lead to human prosperity. However, there is a correlation between both economic and human development. The failure of one is the failure of the other. With poverty in human health and education leads to inability of effective production, which hurts the economic growth and vice-versa. There is no one solution to the broad and persistent poverty levels, however the selection of the best fitting for each country’s unique environment is the answer.
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