Legal Laws Of The U. S. Drug Patent Laws

An oligopolistic market is one that has several dominant firms with the power to influence the market they are in; an example of this could be the supermarket industry which is dominated by several firms such as Tesco, Sainsbury’s, and Waitrose etc... Furthermore an oligopolistic market can be defined in terms of its structure and its conduct, which involve various different aspects of economics.

A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service; a monopoly may also have monopsony control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations such that one or a few of the entities have market power and therefore interact with their customers (monopoly), suppliers (monopsony) and

By definition a Monopoly is exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices (Monopoly 2012). Individuals are often time fearful of a company or industry becoming a monopoly because it would control too much of a market share, and do whatever wants; this includes raising prices, to using excess capital to branch into even more areas (Rise of monopolies 1996). The market structure of a monopoly is characterized by; a single seller; a unique product; and impossible entry into the market (Tucker 2011). A monopoly can be a difficult thing to accomplish being that a single seller faces an entire industry demand curve due to the fact it makes up the industry as a

Evidently, both the EU and the U.S. enacted special provisions legislative, which extended the pharmaceuticals patents' life. As is the case with America, the Waxman-Hatch Act increased the copyright protection based on name-brand drugs with up to five years, but still it also puts

There are four types of market structures: Monopolistic Competition, Monopoly, Oligopoly, and Perfect Competition. Monopolistic Competition is also known as competitive market. In this market structure, there are a large number of firms that produce similar but somewhat differentiated products for the same target customers. The market share is also divided among large number of firms making it difficult for one firm to become the market leader. On the other hand, Monopoly is a type of market structure in which only one firm controls the whole industry. There are strict barriers to entry for new firms due to governmental restrictions or the monopolistic power of the firm itself. In Oligopoly, the whole industry is dominated by a few large scale firms that set prices, introduce innovative products, and use heavy campaigns to attract buyers. All other small scale firms follow the changing market patterns set by these oligopolistic firms. Lastly, perfect competition is a market structure in which there are a larger number of firms that produce similar as well as differentiated products for

In a monopoly, a single company owns the market of a certain product. Some characteristics of a monopoly are that it only has one seller, is a

Monopolies are defined by having extremely limited or no competition, high barriers to entry, and a significant amount of control over the marketplace. One common example of a company that is viewed as potentially monopolistic is Microsoft. Microsoft is the provider of the most popular operating system on the planet. Because of Microsoft's market position and power, Microsoft can charge a premium price for their goods and services and consumers cannot negotiate or easily switch to another platform. In most cases consumers are "locked in" to the Microsoft system because for them to switch to a different platform the consumers would have to extend a significant amount of effort to switch to the other system as well as learn how to function within the system.

In a monopolistic market, there is more control over pricing that in a monopoly. If they raise their prices, they will only lose a small amount of customers. A monopoly is a large enough business to influence its own price, such that it is the price setter rather than taker, unlike a perfectly competitive market where each firm

Patents give intellectual rights to a person or a group of people that invent something. Patents fuel innovation because they give a temporary monopoly to the inventor that received the patent. Otherwise, the originator of a product may not receive the credit, more specifically, the financial reward for creating something useful and sharing it with the world. This applies to medicine just as much as anything else. Pharmaceutical companies spend enormous amounts of time and treasure to research and develop new, effective and safe medications to

This case study illustrates the conflict between patent protection and preserving a pure competitive market. Pharmaceutical companies are granted patent rights to newly developed drugs for a limited amount of time. Through legal means they are able to form monopolies and maximize their profits. a parent company can move to delay the release of its generic comparison through legal and illegal measures. In the following case Bristol-Myers Squibb fell victim to their own anti-competitive practices.

•Monopolistic competition- When an industry contains many rival firms, each of which has a comparable but at least slightly different product. Restaurants, are an example, all serve food but of different types of food and in different sites. Manufacture costs are above what could be attained if firms sold equal products, but consumers have an advantage from the variety.

In business terms, a monopoly refers to a sector or industry dominated by one corporation, firm or entity. Monopolies can be considered an extreme result of free market capitalism: Absent any restriction or restraints, a single company or group an enterprise becomes big enough to own all or nearly all of the market (goods, supplies, commodities, infrastructure and assets) for a particular type of product or service. Antitrust laws and regulations are put in place to discourage monopolistic operations – protecting consumers, prohibiting practices that restrain trade and ensuring a marketplace remains open and competitive. “Monopoly" can also be used to mean the entity that has total or near-total control of a market.

Monopolistic competition: Monopolistic competition is market structure in which firms have lots of competitors in the market but everyone sells slightly different products. Examples grocery shops and Restaurants in Newzealand.

The concept of product patent for pharmaceutical products is likely to make life saving medicine beyond the reach of the poor and deprived section of the society around the world.

In US, innovator drug companies have been able to use provisions of the Hatch Waxman Amendments to the Federal Food, Drug and Cosmetics Act, 1984 to delay or restrict the launch of generic competitor products. The innovator pharmaceutical company has been allegedly using the listing of additional patents in the ‘Orange Book ’ to try to benefit from