Patents and Exclusivity Approach for Monopoly
Did you know that “patent” and “exclusivity” are two of the most commonly searched terms on the FDA website? Generics account for more than 80% of prescription drugs in the US, and that number continues to grow. With approaching patent expirations of several top-selling prescription brand-name drugs, sponsors of innovator drug products and generic manufacturers need to know the ins and outs of patents and exclusivity. Let's find out the basics difference between patents & exclusivity. Patents: A patent is a property right issued by the respective patent office to an inventor “to exclude others from making, using, offering for sale, or selling the invention throughout the respective territory or importing the invention into the respective territory” for a limited time, in exchange for public disclosure of the invention when the patent is granted. Generally, the term of a new patent is 20 years from the date on which the application for the patent was filed in any...