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Discuss the economic rationale for allowing pharmaceutical companies to seek intellectual property rights. Are property rights in the pharmaceutical industry a cause of market failure

Discuss the economic rationale for allowing pharmaceutical companies to seek intellectual property rights.

  1. Are property rights in the pharmaceutical industry a cause of market failure or a solution to market failure?
  2. Are there problems in allowing the private interest view to drive medical research?
  3. What would be the broader consequences of removing intellectual property rights across the pharmaceutical industry?

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