Archive for August 13th, 2009
President Obama has proposed changing the length of time patents covering pharmaceuticals are enforceable. His proposal is to change the patent term from 20 years to 7 years. According to Medical News Today, it takes 8 years on average for a new drug to receive FDA approval. Thus, the President’s proposal is to essentially eliminate patent protection for drugs. If this proposal is implemented, the net result will be to kill innovation in the pharmaceutical industry. This will increase the long term cost of medical care. Medicines are inexpensive medical treatment compared to surgical techniques, the main alternative.
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