discussion question 867
This is a graded discussion, part of the Ocassional discussion component. It is worth 40 points
The discussion is based on the video, titiled, Costs and Benefits of Monopoly in Pharmaceutical Companies
There are many good reasons why patents are important. This quote from Nobel laureate, Douglass North drives home the point: “The failure to develop systematic property rights in innovation up until fairly modern times was a major source of the slow pace of technological change.” Recall that ultimately, a nation’s economic growth depends on its ability to continually innovate and develop new technologies to increase productivity.
In the United States, the patent protection process has been politicized through intense lobbying and large campaign contributions. It has generates inefficiencies in drug pricing. Do we need patent monopolies to support research? Should life -threatening drugs be public goods? If so who should undertake research and development? Should the US impose price controls on pharmaceutical drugs like many other wealthy nations?
Your discussion is on patent protection. Begin by discussing the benefits of patent protection, the system as it stands now, the problems with the current system and finally, address the ways by which the current system can be improved to align pharmaceutical innovators’ incentives with social objectives (such as keeping price affordable and accessible) with minimal or no efficiency loss. The video discusses this to some extent.
Please limit you response to 500 words.
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