Research Project Introduction

The Role of Patents in Solving Global Health Problems

Throughout the recent years, the current use of and the restrictive qualities of Intellectual property rights has garnered much disapproval from industry competitors and the general public. Patents, copyrights and trademarks are all forms of such Intellectual Property, and they give the original creator an exclusive right over their original idea. In the Pharmaceutical industry, patents give drug companies the exclusive right to sell a novel drug they created for one patent term (which lasts approximately twenty years). Originally meant to stimulate and incentivize creation, many people argue that instead of creating innovation, IP legislation is inhibiting it. By preventing others from improving on current new ideas, we are limiting the potential that idea can have in impacting the community optimally. In addition, in the pharmaceutical industry, patents let drug companies sell the drug they produce at expensive prices, and limit competition because only that one drug company is allowed to produce the drug. However, what people do not understand is that without patent law, the pharmaceutical industry would cease to exist. No investor would invest in Research and Development (R&D) of drugs if there was no potential for profit, and huge pharmaceutical firms like Pfizer, Johnson and Johnson, etc. would not be as big or successful. Although this may seem not to be an huge issue, the real loser is in this situation is the general public. There are several health problems/ conditions worldwide, and without the massive investment in R&D by drug companies, there would be no solutions to these problems. Of course drug companies make a profit through patents, but do they not solve the many health issues we have today? Given how much they invest in research and development of drugs and the low success rate of creating a drug, patents are necessary to not only stabilize pharmaceutical industry, but also to save the world. Although the extent to which pharmaceutical companies make profit is largely contingent upon the use or “abuse” of patents, further insight on the situation reveals that without patents no pharmaceutical industry can succeed and the greatest loser is the general public.