Intellectual Property Protection – Lifeline for the Pharmaceutical Industry

Abstract

Pharmaceutical patents are often an area of controversy. Yet, knowledge, i.e. intellectual property, is the capital without which many modern biotech companies could not raise money to finance their research. Patents are the lifeline of the pharmaceutical industry: it is relatively easy to copy a pharmaceutical product, and no other industry spends as much on research and development. Protection of intellectual property has stimulated competition on innovation and contributed to medical progress for the benefit of patients.