How Pharmaceutical Patents Affect Pharmaceutical Pricing in Developed Nations

Patent protection creates an encouraging environment for innovation, but it can be a hindrance to the availability of new medications. There are many countries that still harbor this competition while ensuring that all citizens have access to these medications. There are downsides to certain patent systems, but with a few modifications they can be remedied to achieve the highest level of access, quality of care, and best cost for the insured. In most of the countries reviewed, the patent system is thoroughly regulated with the consumers in mind. There are opportunities for manufacturers to create generic and cost effective medications within the typical patent protection timeline to ensure access to new medications. The systems that are in place encourage innovation with medical devices and medication by providing incentives for the researchers.