Final answer:
In the U.S., a drug company's patent remains in force for 20 years. Patents are exclusive rights granted by the government to inventors, allowing them to manufacture, use, or sell their inventions. The time period for a patent strikes a balance between profit for the inventor and preventing a permanent monopoly.
Step-by-step explanation:
In the U.S., a drug company's patent remains in force for 20 years. A patent is an exclusive right granted by the government to an inventor, allowing them to manufacture, use, or sell their invention for a certain number of years.
The time period for a patent is important because it strikes a balance between giving the inventor enough time to earn a good return on their invention and preventing them from charging a monopoly price permanently.
By granting a limited-time monopoly on their product or process, patents provide an incentive for research and development.
For example, if a pharmaceutical firm has a patent on a new drug, no other firm can manufacture or sell that drug for the duration of the patent, which is typically 20 years.