PATENTED MEDICINE Meaning and
Definition
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A patented medicine is a type of medication that has been granted legal protection under the regulations of intellectual property rights, such as a patent. This exclusive patent grants the pharmaceutical company or manufacturer the sole rights to produce, distribute, and sell the particular medicine for a specific period, typically 20 years. During this period, no other company is legally allowed to produce or sell the same medication without explicit permission from the patent holder.
The purpose of patenting a medicine is to provide an incentive for pharmaceutical companies to invest significant resources and capital in research and development activities. By granting exclusive rights, it allows the company to recover the costs incurred during the drug discovery process, which is often a lengthy and expensive endeavor. The patent protection also serves to promote innovation in the pharmaceutical industry, as it rewards companies for inventing new and effective medications.
Patented medicines often go through rigorous testing and clinical trials to ensure their safety and efficacy before they are approved and made available to the general public. These medications are frequently used to treat complex diseases and conditions, and their production and distribution are regulated by national drug regulatory authorities to guarantee quality control and patient safety.
Once the patent protection period expires, other companies are able to produce and market generic versions of the medicine, typically leading to reduced prices due to increased competition. This allows for greater accessibility to the medication, benefiting patients and healthcare systems worldwide.
Common Misspellings for PATENTED MEDICINE
- oatented medicine
- latented medicine
- -atented medicine
- 0atented medicine
- pztented medicine
- pstented medicine
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- pqtented medicine
- parented medicine
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- patwnted medicine
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Etymology of PATENTED MEDICINE
The word "patented medicine" can be broken down into two parts: "patent" and "medicine".
The term "patent" originated from the Latin word "patentem", which means "open" or "exposed". It referred to a formal document issued by the government that grants exclusive rights and protection to an inventor, allowing them to prevent others from making, using, or selling their invention for a specific period of time.
The term "medicine" also has Latin roots, stemming from the word "medicina", which means "healing" or "remedy". It refers to substances or techniques used to treat, cure, or prevent diseases or ailments.
When combined, "patented medicine" refers to medicinal products or remedies that have been granted exclusive rights and protection through the issuance of a patent.
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