“Add to your list a repeal of the up to thirty year patent term for drugs. Reduce it to three years with no renewal. “
Is it really 3 decades now? Seems excessive.
But with just three years, drug companies may not recoup their expenses developing the drugs. So will not be putting in the effort to develop them. There has to be a financial incentive.
Yeah. With the renewals they can get it is.
drug companies may not recoup their expenses developing the drugs. So will not be putting in the effort to develop them
That is what is always claimed, but there is zero evidence to support it. The truth is they are just old fashioned monopolies, just like any other. Their primary incentive is to reap economic rents. Without patents the incentive to develop new drugs would be profit, same as any other industry.
Surely a better way to approach the problem of development expense would be to simply ask why it costs so much to bring new drugs to market, instead of looking around for some pockets to pick.