Abstract
Scientific discoveries and technological innovation are principal drivers of the world’s economy. Development of new diagnostic procedures and treatments for disease only occurs in the presence of an incentive. The patent system preserves the right of inventors to profit from their discoveries and is an important component of technological progress. However, a patent does not ensure that a new drug or medical device is effective and does not protect consumers who are not equipped to evaluate the benefits of new healthcare-related products. For that reason, government agencies such as the Food and Drug Administration (FDA) in the USA are placed in charge of evaluating the effectiveness and safety of new biomedical technologies.
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Baran, G.R., Kiani, M.F., Samuel, S.P. (2014). Inventing, Evaluating, and Approving New Drugs and Devices. In: Healthcare and Biomedical Technology in the 21st Century. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-8541-4_4
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DOI: https://doi.org/10.1007/978-1-4614-8541-4_4
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