Why patent drugs? 25 reasons

tony

Why patent drugs? 25 reasons   

Drugs are innovations that require protection especially when the costs of research and development are considered. The process of patenting a drug should therefore be the sole goal of pharmaceutical companies and manufacturers with the desire to not only get a return on the investment but also get recognized for their contribution to the medical field.

Prevent duplication

Duplication of products has been a rampant factor where competitors look to get a share of the market through unscrupulous methods but a patent limits the possibility of duplication affording the inventor a chance at benefiting from the creation.

Get ROI

Getting a Return on Investment is the principle goal of any innovation and a patent is able to facilitate the same setting by limiting competitors from developing similar products using the knowledge and ideas of the original innovator.

Protect innovation

The overall goal of a patent is to protect innovation and ensure that an inventor is able to receive the deserved recognition for the efforts towards creation of the drug.

Set standards

The disclosure information in a patent dictates the standards of the drug and ensures that no generics can lower the standard with the aim of diluting the market.

Control marketing

Only the holder of a patent can determine the marketing lines of the drug since they also control manufacturing.

Promote safety

Drug patents promote safety by limiting the extent to which a drug can be manipulated to achieve the same result.

Control manufacturing

A patent controls the aspect of manufacturing ensuring that it is only the holder of the patent that can license the manufacturing of the drug.

Guide pharmacokinetics

A patent dictates the terms of pharmacokinetics which therefore ensures a drug is not manipulated by competitors.

Encourage monopoly

A patent is a legal tool that encourages monopoly at least for a select period of time during which a manufacturer can gain an advantage in the market.

Protect direct investment

The costs associated with research and development are huge and the manufacturers always desire to have a return on all the direct investment and this is a factor achieved by a patent which limits generics from entering the market.

Control pharmacodynamics

Pharmacodynamics define a drug and controlling the same serves as a principle that pharmaceutical companies desire and this is often achieved with a patent.

Economic incentive

Patenting drugs ensures that the holder of the patent has the economic incentive and can earn exclusively from the sales of the drug without competition from generics for a select period.

Control drug discovery and development

Drug discovery is a costly process and competitors always try to exploit the system by copying innovation but with a patent, control over drug discovery and development is established.

Smothering competition

A patent smothers the competition by ensuring that chemical compositions cannot be copied within the lifetime of the patent which gives a patent holder dominion over the market.

Avenue for licensing

With a patent, it is possible to have an avenue for licensing where a patent holder can offer manufacturers a license to produce and market a drug.

Have legal standing against trolls

Patent trolls always look at any chance of minting finances with new inventions and it is only with a valid patent that a legal standing will be established against the trolls.

Promote medical innovation

Medical innovation is a process that encourages learning and creative approaches and patenting of drugs ensures that companies and medical researchers structure innovation workshops.

Prevent development of chiral drugs

Chiral drugs are a hazard to the overall consumer and preventing the development of the same is a task effectively covered by a patent on the available drugs.

Brand development

A drug with a patent is a platform on which brand development can be done to educate consumers and ensure brand awareness is cultivated.

Encourage originality

A patented drug cannot be copied nor its composition adopted by a competitor which is an aspect that forces the rival manufacturers to be innovative which encourages originality.

Generating portfolios

A patent allows pharmaceutical companies and manufacturers to generate a portfolio of related drugs and thereby better the chances of getting revenue.

Govern legal development of generics

A patent binds the generic manufacturers by ensuring they adhere to the set standards and also identify with the legal implications of failing to do so.

Protect the consumer

A patent protects the consumer by ensuring that even after the expiry of the patent, the scientific composition is dictated to avoid harm to the consumer.

Authenticity

Building authenticity is a task pharmaceutical companies always target and nothing achieves the same in seamless fashion than a patent since it stamps the uniqueness and protected setting of a drug.

User confidence

A patented drug is always unique and costs higher in the market which builds use confidence by guaranteeing the top quality.