Pharmaceutical patents are essential to driving innovation and ensuring companies can make a profit. However, when pharmaceutical companies secure the ability to exclusively manufacture certain drugs, they may charge higher prices and make life-saving medications unaffordable for many. It is important to maintain a balance between protecting valuable intellectual property and ensuring accessibility for those who need medicines.

Panitch Schwarze attorney Ikenna C. Ejimonyeugwo authored an article in The Legal Intelligencer exploring the role of pharmaceutical patents in the healthcare industry. He explains that these patents exclude other drug companies from copying the patented medication for about 20 years and that patent owners can sue for infringement to keep similar products off the market. While patents can ensure a return on investment and encourage the development of new treatments that address unmet medical needs, they can also lead to monopoly pricing and limited access. As companies improve their products, they may extend their patents and exacerbate this issue.

Ejimonyeugwo emphasizes a balanced approach to protecting pharmaceutical innovation. Companies must patent their products in order to remain financially solvent and push the industry forward, but they must also find ways to make medications accessible to those who need them. Programs that increase access to low-income and underinsured individuals can be useful in ensuring innovative treatments continue to save lives.

Read the full article here: Pharmaceutical Patents: Benefits and Challenges (Subscription is required.)