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What are other barriers to entry in pharmaceutical industry

Assignment Help Macroeconomics
Reference no: EM132927161 , Length: word count: 300

Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years to acquire Food and Drug Adminstration (FDA) approval of drugs.

Question 1: What purposes do barriers to entry created by the government serve?

Question 2: What are other barriers to entry in the pharmaceutical industry?

Question 3: Should drug patents be extended to 20 years after FDA approval?

Question 4: Explain what would be the costs and benefits from this extension.

  • Your initial post should be a minimum of 300 words.

Reference no: EM132927161

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