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Updated: Jul 15, 2026
05:10
Drug Repurposing Hypothesis Generation Using the "RE:fine Drugs" System
Published on: December 11, 2016
Replace pharmaceutical patents now
Earl L Grinols1, James W Henderson
1Department of Economics, Baylor University, Waco, Texas 76798, USA.
Pharmacoeconomics
|May 10, 2007
Summary
Pharmaceutical patents are outdated. An intertemporal bounty offers a superior alternative, enabling affordable drug distribution and incentivizing continued innovation without expanding monopoly power.
Area of Science:
- Health Economics
- Intellectual Property Law
- Pharmaceutical Policy
Background:
- Current pharmaceutical patent systems are rooted in outdated economic principles.
- Modern tax tools and economic understanding offer opportunities for improved mechanisms.
- Existing patent arrangements may not optimally balance innovation incentives with drug accessibility.
Purpose of the Study:
- To critically evaluate the economic rationale behind pharmaceutical patents.
- To explore alternative mechanisms for drug innovation and distribution.
- To propose the intertemporal bounty as a superior policy solution.
Main Methods:
- Economic analysis of existing pharmaceutical patent structures.
- Comparative assessment of alternative policy proposals.
- Evaluation of the intertemporal bounty model's economic implications.
Main Results:
- Pharmaceutical patents are identified as anachronistic and suboptimal.
- The intertemporal bounty model is presented as a superior alternative.
- This model addresses both immediate drug distribution at marginal cost and sustained innovation incentives.
Conclusions:
- The intertemporal bounty effectively balances competing objectives in pharmaceutical policy.
- It prevents monopoly power expansion often seen with co-pay/co-insurance provisions.
- This mechanism offers a more efficient and equitable approach to pharmaceutical innovation and access.
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