If you were the CEO of a pharmaceutical manufacturer that had spent many years and millions of dollars in creating, developing, testing, and getting government approval for a new drug, how would you address the issues of protecting your intellectual property while meeting the patient/public needs for that drug?

Question: If you were the CEO of a pharmaceutical manufacturer that had spent many years and
millions of dollars in creating, developing, testing, and getting government approval for a new
drug, how would you address the issues of protecting your intellectual property while meeting
the patient/public needs for that drug?
See attachments for assignment instructions. Scholarly, peer-reviewed sources only.
Textbook- Kubasek, N. K., Browne, M. N., Barkacs, L., Herron, D., & Dhooge, L. (2023). Biblical worldview edition of dynamic business law (3rd ed.). N. J. Kippenhan (Ed.). New York, NY: McGraw Hill Education.
Answer & Explanation
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As the CEO of a pharmaceutical manufacturer, protecting intellectual property while meeting the patient/public needs for the drug is crucial. Here are some steps I would take to address these issues:

Obtaining Patents: I would file for a patent for the new drug as soon as possible. This will protect our intellectual property and prevent other companies from copying or producing the same drug. A patent will give us exclusive rights to manufacture, sell, and distribute the drug for a certain period.

Collaboration and Licensing: I would consider collaborating with other pharmaceutica

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Step-by-step explanation
l companies to license and distribute the drug. This will ensure that the drug is available to patients who need it, while also generating revenue for our company.

Pricing: I would work to price the drug in a way that is fair to both patients and the company. It is important to balance the need for affordable medicine with the cost of developing and manufacturing the drug.

Education and Marketing: I would focus on educating the public and healthcare providers about the benefits of the drug. This will help build demand and ensure that patients are aware of the drug’s availability.

Continuous Research and Development: I would continue to invest in research and development to improve the drug and develop new drugs to address other medical needs. This will help our company stay competitive and meet the ever-changing needs of patients.

In conclusion, protecting intellectual property while meeting patient/public needs for the drug is a complex issue that requires careful consideration. As the CEO of a pharmaceutical manufacturer, I would take steps to protect our intellectual property while ensuring that the drug is available to patients who need it at a fair price.

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