Passage - 3 Pharmaceutical patents grant protection to the patentee for the duration of the patent term. The patentees enjoy the liberty to determine the prices of medicines, which is time-limited to the period of monopoly, but could be unaffordable to the public. Such patent protection offered to the patentees is believed to benefit the public over the longer term through innovations and research and development (R&D), although it comes at a cost, in the nature of higher prices for the patented medicine. The patent regime and price protection through a legally validated high price for the medicine during the currency of the patent provide the patentee with a legitimate mechanism to get returns on the costs incurred in innovation and research.
With reference to the above passage, which of the following statements is/are correct?
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Related PYQs in CSAT
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