Increasing Prevalence of Diseases Worldwide to Augment the Patent Medicine Market Growth
Patent medicine is a pharmaceutical product developed for the first time for a specific disease condition. Only a company that holds the patent of a particular medicine is allowed to manufacture it and make a profit. Sometimes, pharmaceutical companies are granted drug patents for 20 years. Sometimes the duration of a patent for a drug varies in years according to its usefulness and the country in which the patent is applied for approval. The effective duration is mostly seven to twelve years. Market Dynamics: Increasing prevalence of diseases worldwide is expected to propel the growth of the patent medicine market . Hundreds of drug patents are launched every year. For instance, in February 2021, Pfizer Inc. announced that the U.S. Patent and Trademark Office (USPTO) recently issued a U.S. Patent Term Extension (PTE) certificate for IBRANCE (palbociclib). The PTE certificate was granted under the patent restoration provisions of the Drug Price Competition and Patent Term Rest...