Critical Reasoning (CR) | Re: The rate of new drug development in Nation X has changed little over

Argument:

1. The rate at which new drugs are developed in Nation X hasn't changed much. I.e. if the rate of development was 15%, it is now 18%
2. Simultaneously, the cost of developing these drugs has increased a lot. I.e. initially it cost $1M to develop the drug, it now costs $10M to develop one
3. The patent system in nation X "insulates drug developers" i.e. it protects the company that develops the drug from its competitors.
4. The company that develops the new drug can sell it at whatever price it wants to. And, it doesn't even have to worry about any threat of competition

So all in all, because of such a strong patent system, companies invest a lot (and thus drive up development costs) in the R&D of new drugs so that they can later sell these drugs at whatever price they want for however long they wantto.

Conclusion: If the patent system reduces the time duration for which these companies can sell their drugs then the cost (investment in R&D) willreduce.


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Statistics : Posted by Hoozan • on 10 Aug 2023, 04:00 • Replies 3 • Views 1103

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