Drug regulation reexamined from perspective of innovation policy

According to published research from the United States, "The patent system typically takes credit for motivating biopharmaceutical innovation by making it profitable, while drug regulation gets blamed for burdening innovation with bureaucratic costs and delays. But Food and Drug Administration (FDA) regulation in fact promotes profitability by prolonging exclusivity in product markets and by protecting against parallel imports."

"Firms may prefer FDA-administered exclusivities to expanded patent protection because they protect product markets without also adding to...

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