Pharmaceutical patents need a new lease of life
01 December 2008
Managing Intellectual Property
Patrick Duxbury and Emma Tuck ask whether the increasing cost of drug development, and the declining numbers of drugs being approved, mean that IP protection for life science products should be reevaluated
According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), by 2006 the cost of researching and developing a new chemical or biological product had reached on average €1,059 million ($1,318 million). Increasing regulation, price control, competition and challenges from generics are often cited as contributory reasons for the continuous and substantial increase in development costs. When you add to this the decreasing number of drugs being approved today, perhaps it's time to take a fresh look at the IP protection (in particular the duration of protection) given to pharmaceutical products....
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