Prior to beginning work on this discussion, read Chapter 10 in your textbook. Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years to acquire Food and Drug Administration (FDA) approval of drugs.

In your initial post, respond to the following:

• What purposes do barriers to entry created by the government serve?
• What are other barriers to entry in the pharmaceutical industry?
• Should drug patents be extended to 20 years after FDA approval?
• Explain the potential costs and benefits from this extension.