At the heart of patents lies a quid pro quo. In return for a time-limited, government-backed intellectual monopoly, companies place their inventions in the public domain after the patent has expired. The theory is that granting patents encourages innovation, although there is plenty of evidence that it doesn't. In the world of drugs, this approach is supposed to allow other pharmaceutical companies to produce generics -- low-cost versions of drugs -- once they are off patent. People benefit because they can buy drugs at much cheaper prices than when they were still under patent.
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