Question

What is the primary importance of benefits 1 and 2 as discussed in "The Pros and Cons of Patents"

Answer 1

Benefit 1: The opportunity to own a market

The US government protects your invention for 20 years, that means that during 20 years, you virtually own your invention's market, e.g. Eli Lilly patented Prozac in 1987 and they held the monopoly fro 14 years until 2001.

Benefit 2: Attracting Investors and Funding

Who will risk their money if an invention is not protected? Investors don't care about good intentions, they care about money, and the only way an invention can guarantee a return is through patent protection.

Answer 2

According to the article, patents allow inventors to “own the market” for their ideas, meaning the US government has deemed the idea original and protected the idea from being reproduced by others for 20 years. This makes the idea more marketable, which allows the inventor to attract investors. These benefits support the idea that patents promote invention.