Final answer:
After Claritin's patent expired, the market saw increased competition and the introduction of cheaper generic drugs, resulting in lower prices and greater choice for consumers.
Step-by-step explanation:
When Claritin's patent expired, its market dynamics changed significantly. Prior to the patent expiration, Claritin enjoyed a monopoly on its allergy relief medication due to the patent protection that prevented other companies from making generic versions.
When the patent expired, it brought in competition, which led to the introduction of generic drugs. These generics are significantly cheaper because they do not have to recoup the same research and development costs as the original brand.
The increased competition and availability of cheaper alternatives likely led to a decrease in the price of Claritin. Moreover, consumers were able to benefit from lower prices and a wider selection of allergy medications.
Companies that produced generic versions did not have to invest as heavily in marketing, research, or development, which allowed them to sell their products at a more competitive price, further fueling price decreases and market changes.