Proponents of intellectual property rights and patents say that without them, drug companies could not profit. They’d just be undercut by generics, which would lead to a downward spiral of decreasing innovation, undercutting the entire industry. Furthermore, socialists argue that a truly free market would not get drugs to the poor. These arguments fail for several reasons: research costs, trade secrets, incentives for continuous innovation, and incentives for rapid worldwide distribution.

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Drugs Without Patents: Profit and CornucopiaRead More »