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One reason patent protection is vitally important to pharmaceutical firms is

Tidy

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8 years ago

One reason patent protection is vitally important to pharmaceutical firms is

One reason patent protection is vitally important to pharmaceutical firms is
A) successful new drugs are not profitable. If firms are not granted patents many would go out of business and health care would be severely diminished.
B) the approval process for new drugs through the Food and Drug Administration can take more than 10 years and is very costly. Patents enable firms to recover costs incurred during this process.
C) that taxes on profits from drugs are very high; profits from patent protection enable firms to pay these taxes.
D) the high salaries pharmaceutical firms pay to scientists and doctors make their labor costs higher than for any other business. Profits from patents are needed to pay these labor costs.

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face

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Tidy Author

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8 years ago

I appreciate what you did here, answered it right Smiling Face with Open Mouth

lipop

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Yesterday

Brilliant ツ

my2redeyes

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2 hours ago

Good timing, thanks!

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