Should we loosen the restriction of patents to allow competition

Should we loosen the restriction of patents to allow competition?

Patents and their uses

Patents are great for the inventor or innovator to control their work and generate money from their work as well. Currently, the monopoly over a patent is 20 years for the person, and they can charge people for using it during that time. But with recent loopholes, companies are able to evergreen a patent and make it last longer. The Medicines Patent Pool needs to be more aggressive in their pursuit of other medicine as well to keep innovation and prices lower for users. Without this, companies will continue to hold onto their patents and fight for it in court like with Disney and their 95-year reign on Mickey Mouse. 

Mickey Mouse's Effect on U.S Copyright Law

 

The Cost of Patents

With the rise in patented medicine, prices go up and consumers can’t control it. Thus causing people to fork out thousands of dollars on medicine they need to live. These companies pay lawyers and other people to create more “patents around their drugs which will make them last much longer“, allowing them to hold the patents for longer and hold a monopoly over a drug. This policy needs to be changed so that companies cannot monopolize a high ticket item for people to live or need in their day-to-day use. This is something that needs reform, and it needs to be done fast to ensure that people aren’t paying egregious amounts of money to use something.

insulin prices over time

 

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