Helen Rodriguez, & Dr. Samantha Acuña
Prescription drug prices significantly strain individuals and the healthcare system. This research study would analyze how patent reforms can be incorporated into a broader strategy to address drug affordability. While this approach might not directly address the struggles of individuals already facing financial limitations, the findings can inform policymakers and stakeholders in crafting a multi-faceted solution that balances innovation with ensuring essential medications are accessible to those who need them. Reforming policies, particularly those impacting patents, holds the potential to increase access to essential medications, reduce healthcare costs and promote innovation. Patent laws grant pharmaceutical companies exclusive rights to produce specific drugs for a set period. This incentivizes R&D but can also lead to high drug prices due to limited competition. Questioning how reforming patent policies, contribute to improving the affordability of prescription drugs for individuals and the healthcare system as a whole. A mixed-method approach would be beneficial between qualitative data and quantitative data. Potential benefits might lead to increased competition through measures like allowing generic production after a shorter patent period could lead to lower drug pricing. Exploring alternative R&D funding models, potentially involving government grants or public-private partnerships, could lessen the reliance on high drug prices as the sole means for pharmaceutical companies to recoup their investment.