Corea Inc.,a pharmaceutical company,is involved in the research,development,manufacture,and marketing of prescription medicines.A new drug developed by them has been awarded patent rights by the U.S.Food and Drug Administration.The patent grants them exclusive rights to manufacture and market the drug for 3 years.Based on this information,which of the following statements will be true?

Question

Quizplus · Accepted Answer

The patent granted by the U.S. Food and Drug Administration gives Corea Inc. exclusive rights to manufacture and market the drug for a period of 3 years. This means that Corea Inc. will have a temporary monopoly in the market for this drug, as no other company will be allowed to produce or sell the drug during this period. However, this does not mean that Corea Inc. is operating in a perfectly competitive market or that they will have exclusive rights to produce and market the product forever.

Corea Inc,A Pharmaceutical Company,is Involved in the Research,development,manufacture,and Marketing of Prescription