Topic > Pharmaceutical Patents and Generic Drugs in Chile - 586

Patent rights, which usually last up to 20 years before expiration, allow the pharmaceutical company that produced the drug the right and ability to sell it. These patents create a temporary monopoly that allows companies that paid for production to make a profit on their investments. Typically, after the patent expires, the drug is mass-produced with generic labeling and is often much cheaper and more accessible than the patented version. But over the life of the patent, the availability of the drug became a major issue. Because only one company has exclusive rights to market and produce the drug, in some countries it is no longer available and its high costs prevent those who need it from obtaining it. The Drug Competition and Patent Term Restoration Act allows the FDA to approve the production of generic versions of previously patented drugs by bypassing redundant health and safety research measures and reducing the number of additional years for the drug to be publicly available. The trade agreement (FTA) entered into force on ...