Final answer:
A pharmaceutical company with a new insulin-generating seedling should obtain a plant patent to protect its innovation. The patent grants exclusive rights for generally 20 years, following the precedent set by the ground-breaking Supreme Court decision that allowed living organisms to be patented.
Step-by-step explanation:
The pharmaceutical company that created a new seedling that generates insulin when exposed to UV rays should apply for a plant patent. Plant patents are intended to recognize the discovery of new plant types that can be asexually reproduced. The importance of patents, especially in the field of biotechnology and genetically modified organisms, was emphasized after the 1980 Supreme Court decision in Diamond v. Chakrabarty, which allowed for the patenting of man-made living organisms. Therefore, the company can protect its innovation by acquiring exclusive rights to make, use, and sell their product without competition for the duration of the patent, which is generally 20 years for plant patents.