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Furthermore, we will address the practice of obtaining patent extensions to limit generic drug production and reducing pharmaceutical drug competition. Currently, several manufacturers extend their patents for longer periods to significantly increase brand-name drug prices, even when there is no significant improvements to the drug.  (article) These manufacturers often do this annually thus allowing them to develop a dense portfolio of patents who are reliant on their specific product. In turn, this decreases competition, increases profits, and suppresses timely completion by adding patents that may not be novel. (article) A solution to this problem is to alter patent protections to introduce price competition. By eliminating or reforming provisions under the Hatch-Waxman Act, generic drug companies and competitor pharmaceutical companies now have the ability to release a competitive medication sooner, thus lowering the price of the current brand name medication.  By altering current provisions, one could set checks and balances that would require patent applicants to demonstrate significant differences, originality, or additional benefits if they are applying for extension (article). One possible consequence to this method is that by decreasing the patent duration, the pharmaceutical company will have less time to be uncontested and therefore will likely spend less time trying to advance the drug further or improve upon its current formula. Companies will most likely try to profit as much as possible while they are uncontested rather than invest more money to improving the drug since there possibly could be a minimal return on their investment.
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