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Patents and New Product Development in the Pharmaceutical and Biotechnology Industries
The paper examines the rationale for intellectual property protection in the development of new pharmaceutical products. The study considers why this is based on an analysis of the economic characteristics of research and development costs and returns in the pharmaceutical and biotechnology industries. The final section examines recent policy developments and issues surrounding patent lifetime and generic competition in this industry.
Link
http://www.econ.duke.edu/Papers/Other/Grabowski/Patents.pdf