Pharmaceutical Patents And Its Effects On Society - 995 Words

Everyone loves a good bad guy. It seems to make complex issues easier to deal with when there is a scapegoat defined. Disease kills many people on a daily basis all around the world. However, many people view the big drug companies as evil profiteers in the fight against disease, wielding patents to protect their profits rather than wielding medicine to combat disease. Medicines have been created to combat disease which greatly improves survival outcomes and daily quality of life. Many of the large pharmaceutical companies are responsible for inventing and manufacturing a majority of the medications that have had this positive impact on society. Although it may seem that many view pharmaceutical companies as profiteering from illness via patents, people world-wide benefit from the process, especially when generic production is authorized. This would never happen without the current model utilizing pharmaceutical patents. Patents give intellectual rights to a person or a group of people that invent something. Patents fuel innovation because they give a temporary monopoly to the inventor that received the patent. Otherwise, the originator of a product may not receive the credit, more specifically, the financial reward for creating something useful and sharing it with the world. This applies to medicine just as much as anything else. Pharmaceutical companies spend enormous amounts of time and treasure to research and develop new, effective and safe medications toShow MoreRelatedThe World Trade Organization and Intellectual Property Rights1108 Words   |  4 PagesRights (TRIPS) patent regime is the compulsory product patent protection for pharmaceutical inventions. In order to comply with the TRIPS obligation, India introduced product patent protection from 1 January 2005. 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