Barriers to Entry

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 Adminstration (FDA) approval of drugs.
• 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 what would be the costs and benefits from this extension.
Your initial post should be a minimum of 300 words.

Recommended Resources
Article
Zink, D. (2018, October 1). ZINK: Fourteen barriers to entry for startups (Links to an external site.). The Sarasota Herald-Tribune. Retrieved from https://www.heraldtribune.com/news/20181001/zink-fourteen-barriers-to-entry-for-startups