Patent expiration refers to the end of the legal protection granted to an invention, allowing other companies to produce and market the product without permission from the original patent holder. This process has significant implications for drug pricing and market competition, as it leads to the entry of generic drugs that can offer lower prices and increase accessibility for patients. The expiration date is usually set 20 years from the date of filing the patent application, which plays a crucial role in shaping pharmaceutical pricing and reimbursement strategies.
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