The pharmaceutical industry has to be concerned about the competition from generic versions of their drugs during their first 5 years after the release of a new drug.

Question

Quizplus · Accepted Answer

Pharmaceutical companies are typically protected from generic competition by patents, which usually last for 20 years from the date of filing, though effective market exclusivity after drug approval is often around 7-12 years due to the time taken for clinical trials and regulatory approval.

The Pharmaceutical Industry Has to Be Concerned About the Competition