Final answer:
Society can address the issue of monopoly power in the pharmaceutical industry by reforming the patent system, shortening patent protections for delivery devices, promoting the use of generics, and implementing stronger regulations and oversight. These measures can encourage competition, lower drug prices, and create a more affordable industry.
Step-by-step explanation:
Society can address the issue of monopoly power in the pharmaceutical industry by reforming the patent system. Currently, a firm can hold a patent for a limited time, which allows them to have exclusive rights to manufacture and sell a product. This monopoly power can lead to higher prices and limited competition. By implementing reforms, such as reducing the duration of patent protections or expanding the use of generic drugs, the United States government can encourage competition and lower drug prices.
One possible solution is to shorten the length of patent protection for pharmaceutical delivery devices and make them more accessible to other manufacturers. This would enable more competition in the market and potentially lower prices for consumers. Additionally, promoting the use of generic drugs can also help address the issue of high drug prices. Generic drugs are typically significantly cheaper than brand-name drugs because they can be produced and sold by multiple manufacturers once the patent on the original drug expires.
Furthermore, stronger regulations and oversight can help prevent corrupt practices within regulatory agencies. By ensuring transparency and accountability, the government can mitigate the influence of aggressive marketing and lobbying that enable companies to achieve monopoly power. These steps, combined with measures to promote innovation and protect intellectual property rights, can create a more competitive and affordable pharmaceutical industry for the benefit of society.