Discussion Post: Barriers to Entry
Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years to acquire Food and Drug Administration (FDA) approval of drugs.
a) What purposes do barriers to entry created by the government serve?
b) What are other barriers to entry in the pharmaceutical industry?
c) Should drug patents be extended to 20 years after FDA approval?
d) Explain what would be the costs and benefits from this extension.
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.