Abstract
A robust, time-limited system of patent protection is proven to facilitate development of, and access to, innovative pharmaceutical products and processes. In particular, a well-functioning patent protection system is a prerequisite for attracting finance for costly pharmaceutical research, given its high failure rates, by ensuring that successful innovation is rewarded. This article offers a short scientific introduction to current research and development (R{&}D) in the biopharmaceutical industry before going on to consider the economic role of patent protection, in enabling research through access to capital markets and in accelerating access to new, innovative medicines. In this regard, the article discusses the beneficial economic effects of well-functioning patent systems in regions with restricted access to investors and capital markets. It concludes by underlining the importance of a robust and finely-tuned patent system in contributing to scientific progress and development of new life-saving drugs.
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