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What are the arguments for and against allowing temporary monopolies by allowing intellectual property rights?
Wiki User
∙ 13y ago
A reasonable example to use is pharmaceuticals. In this case, a temporary monopoly means patients will pay more for their medication, but it also means everything on the market claiming to be Drug X actually is Drug X, all made at the same standard.
Also, research, development, and testing leading to a new drug is a long and extremely expensive process; the temporary monopoly gives the producer a fighting chance at recouping a portion of those costs, meaning they have that money to spend on new research. Eventually, protection expires and generics enter the marketplace to compete, and prices drop.
Wiki User
∙ 13y ago
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