A potential new drug, NoSmak, cures lip-smacking with one dose, but research and development would cost $70 million. The monopoly profit (earned while a single firm produces the product) will be $55 million per year. After a patent expires, the original developer of the drug will have sufficient brand loyalty to earn $11 million per year for another 10 years. What is the shortest patent length required to induce a firm to develop the drug?

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