Running head: MEDICATIONS 1 Medications under Patent Institution Affiliation Date MEDICATIONS 2 Introduction In the market for medication, there exist patented drugs, generic drugs, and drugs with a strong brand name. A patented drug is that which is protected by the law from being developed and sold by parties other than the developer or without the permission of the developer (Feldman & Lobo, 2013). Patents help companies engaged in the research, development, manufacturing, and testing of drugs to sell the developed drugs without competition from copies of the developed drug and, thus, recoup the costs incurred during research, development, and testing. Generic medicine is medicine that is copied from existing medicine, which is produced after patent expiry of copied medicine or after patents are successfully challenged in court (Dylst et al., 2013). Drugs with a big brand name are well-known by health-care providers and consumers. Patented, generic, and medications with a strong brand name differ in their market demand. Demand for the Medications The difference in the demand for patented, generic, and drugs with a strong brand differ in different markets because of factors like price and brand awareness of the drugs. Patented drugs are usually expensive because the developers of the drugs aim to recoup the cost incurred in the development, and there is no competition to force the manufacturers to sell the drugs at lower prices (Gupta et al., 2018). When a patented ...
Purchase document to see full attachment