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  • Essay / Drug Patents and Generic Medicines in Chile - 586

    Patent rights, which generally last up to 20 years before expiration, give the pharmaceutical company that produced the medicine the right and ability to sell it . These patents create a temporary monopoly that allows companies that have paid for production to make their investment profitable. Typically, once the patent expires, the drug is then mass-produced under generic labeling and is often much less expensive and accessible than the patented version. But throughout the life of the patent, the availability of the drug became a major problem. With only one company holding the exclusive rights to market and manufacture the drug, it becomes unavailable in some countries and its high costs prevent those who need it from obtaining it. The Drug Competition and Patent Term Restoration Act allows the FDA to approve the production of generic versions of previously patented drugs by bypassing redundant health and safety research measures, thereby reducing the number of additional years required for the public availability of the medicine. The trade agreement (FTA) entered into force on ...