In this video, we explain how the United States Patent and Trademark Office grants patents to drugmakers. Patent protection incentivizes pharmaceutical companies to invest in costly research and development by giving them an exclusive period of time to profit off their drug after it’s approved.
Without patents, companies might not recoup their investment, leading to fewer new treatments for patients in need. But by granting a mini monopoly, patents allow drugmakers to set drug prices as high as they want during their period of exclusivity, meaning fewer people are able to afford them in the first place.
So when we consider the cost of drugs, we return to a familiar question: How do we fuel innovation while prioritizing public health? Watch for an overview of the longstanding patent system that motivates drug development to occur.
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ABOUT STAT:
Founded in 2015, STAT is a global digital media brand that focuses on delivering fast, deep, and tough-minded journalism about the life sciences industries to over six million monthly site visitors and an additional 20 million readers on the Apple News app. STAT takes you inside academic labs, biotech boardrooms, and political backrooms, casting a critical eye on scientific discoveries, scrutinizing corporate strategies, and chronicling the roiling battles for talent, money, and market share. With an award-winning newsroom, STAT provides indispensable insights and exclusive stories on the technologies, personalities, power brokers, and political forces driving massive changes in the life sciences industry — and a revolution in human health.
