Final answer:
To protect an invention from being copied, one can apply for a patent, which offers up to 20 years of exclusive rights to make, use, or sell the invention. Patents incentivize research and development by allowing monopoly profits during the protection period.
Step-by-step explanation:
If you invented something, to prevent others from copying your invention, you can apply for a patent. A patent is a government rule that grants the inventor the exclusive legal right to make, use, or sell their invention for a limited time. In the context of pharmaceuticals, a firm that secures a patent on a new drug can prevent other firms from manufacturing or selling that drug for up to 20 years unless permission is granted by the patent holder. This system of intellectual property rights offers a period in which the inventor can earn monopoly profits, acting as an incentive for research and development. The protection period granted by a patent can vary, but for most inventions, it is typically 20 years from the filing date of the patent application. Copyright laws offer similar exclusive rights but for works of literature, music, film/video, and pictures, often extending the protection for the life of the author plus an additional 70 years after their death.