This Feature revisits the widely held assumption that pharma needs patents to sustain innovation. By analyzing the information goods underlying drugs, this Feature demonstrates that innovation in this sector can proceed without patents. Replacing patents with a tailored form of regulatory exclusivity would reap large gains in social welfare.

中文翻译：

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制药公司需要专利吗？

本专题重新审视了制药公司需要专利来维持创新的普遍假设。通过分析药物背后的信息商品，此功能表明该领域的创新可以在没有专利的情况下进行。用量身定制的监管排他性形式取代专利将在社会福利方面获得巨大收益。