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Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years

Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years to acquire Food and Drug Administration (FDA) approval of drugs.

What purposes do barriers to entry created by the government serve?

What are other barriers to entry into the pharmaceutical industry?

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