patents grant a temporary monopoly, and can therefore raise drug prices. given that, why are drug patents beneficial?
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a. If drug price are too low, consumers will think they are ineffective and won’t use them
b. Insurance companies want drug price to be high so they can higer premiums to consumers
c. Whitout a patrnt, a new drug could be easily replicated by competitors, and the innovator would receive no profits. Thus, there would be no incentive to spend effort making the new drug