Word: patents
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...often keep them feeling a bit sick. Dyazide, a brand-name drug for the treatment of high blood pressure, costs as much as $21.50 for 100 capsules. The drug racked up sales of $230 million last year for its manufacturer, Smith Kline & French. Although the company's patent on the drug expired in 1980, no other firm has come out with a less expensive version. Dyazide is just one of many bestselling brand-name drugs with no competitors. Reason: U.S. law has made it costly and time consuming for companies to get the Government's go-ahead...
...anyone." So Buster made an alliance with Randolph Seed, a surgeon, and his brother Richard, a scientist who had experimented in cattle breeding. The Seed brothers' Chicago firm, Fertility and Genetics Research Inc., invested $500,000 in Buster's UCLA project, and they have applied for a patent on the process. Despite criticism of this arrangement by a number of doctors, Richard Seed declares, "This is a typical free-market activity. We have investors expecting to obtain a return on their money...
...radio's most popular shows; the advent of rock dimmed its luster, however, and in the years before Waring's official 1980 retirement the size of both the group and its audiences shrank. On the side, in 1937, Waring used his tinkering skills to perfect, patent and market his Blendor, one of the first food processors, which earned him royalties for the rest of his life...
...evidence is impressive. "Everything that can be invented has been invented," said the head of the U.S. Patent Office in 1899. Declared Wilbur Wright in 1901: "Man will not fly for 50 years." Thomas Edison, circa 1880: "The phonograph . . . is not of any commercial value." Albert Einstein, 1932: "There is not the slightest indication that [nuclear] energy will ever be obtainable." Richard Wooley, then Britain's Astronomer Royal, 1956: "Space travel is utter bilge...
...Chinese still have a long way to go before they inspire widespread confidence in Western businessmen. China's legal system, for example, makes it difficult to reach agreements. But progress is being made. A new national patent law, which will help protect Western technology imported into China, is now in effect. Other new laws help resolve disputes between China and foreign companies. Those reforms should make it easier for others to follow Chairman Hammer's lead...