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Review Question for Chapter 9 Scenario: You are an undergraduate intern at a Senator's office in Washington, DC. You love the job, as it allows you to see the process of business related lawmaking up-close and in person. The Senator has asked you to prepare her for an upcoming meeting with lobbyists representing the pharmaceutical industry, who would like to see legislation extending the term of drug patents beyond twenty years. - Your research reveals that the twenty-year exclusivity period given to companies while a drug is patented is hugely valuable, allowing the companies to reap billions of dollars in profit. You also learn that these profits come at a price - many people can't afford patented name brand drugs and they get sick and even die without access to potentially lifesaving treatments. In contrast, after a drug loses patent protection, it becomes much easier for generic manufacturers to copy the drug, which causes the price of the drug to plummet, making it much more affordable for people to buy. You also learn that federal law makes it easy for drug companies to obtain a five-year extension above the twenty-year exclusivity period on a patent simply by making a few minor tweaks such as changing the delivery mechanism of a drug (faster or slower dissolving), or by combining two drugs together. You also learns that bringing a new drug to market takes roughly 14 years, at a cost of $1.3 billion. For every drug that makes it to market, more than 50 other research programs will fail. Even if the FDA approves a drug, only two out of 10 approved drugs will be profitable. In the past few years, brand drugs have lost more than $100 billion in sales due to patents expiring. Write a letter to the senator advising her on how to vote on legislation extending the term of drug patents beyond twenty years. Your letter must list discuss all the factors and should be at least