patents grant a temporary monopoly, and can therefore raise drug prices. given that, why are drug patents beneficial?
a. If drug prices are too low, consumers will think they are ineffective and won’t use them.
b. Insurance companies want drug prices to be high so they can higer premium to consumers
c. Without a patent, a new drug could be easly replicated by competitors, and the innovator would receive no profits. Thus there would be not incentive to spend effort making the new drug
d. Consumers enjoy paying highrt prices to dtugs that improve their quality of life