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The harnessing of the profit incentive, or what some may call greed, is arguably the greatest mechanism for improving the standard of living for mankind. It is the reason our supermarkets are always stocked with food. It is the reason why car lots are filled with new cars and trucks. It is the reason why hundreds of thousands of new homes are built each year. And, it is also the reason why we have medications for virtually every ailment that afflicts us.

Adam Smith called this mechanism the invisible hand; the quest for personal gain results in the benefit for countless others.

Pharmaceutical companies, also known as Big Pharma, spend billions of dollars on research, development, testing and marketing in the hopes that they will make great profits. They rely on the patent system, just as every other company and inventor does, in order to reap the benefits of their investment.

The patent system protects, and thereby encourages, businesses to take risks on developing new products. It provides stability in the marketplace.

If we render this patent system untrustworthy, we dramatically reduce potential profits for new business endeavors. Why would a pharmaceutical company spend the time, money and effort required to develop a new drug if, after the drug was developed, any other company could immediately steal its invention?

The best way to ensure a healthy supply of new drugs is to protect the profit motive. This is accomplished by keeping taxes low, minimizing government regulations, and, most importantly, honoring patents issued in our country.

Learn more about this author, John Knight II.
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