In 2010, when 12 years of market exclusivity (extended monopoly rights) of biologics were enshrined in U.S. legislation, the pharmaceutical and biotechnology industry has only just begun to recognize the potential benefits of artificial intelligence, biomarkers, advances in scientific and emerging technologies and other tools that could be used to make drug development faster. , more accurate and less risky. One of the key changes to the new document is inclusion in the consumer welfare standard. (He also added new protective measures for biologic drugs like Humira, which is used to fight Crohn`s disease – if you`re medicine-randonner Martin Shkreli, this trade agreement is for you.) But now, more importantly, PhRMA and BIO, the biotechnographic trade association, routinely encourage drug development. This means that the facts underlying the arguments to justify 12 years of biological exclusivity also change. But free trade agreements like NAFTA 2018 threaten these efforts, especially when it comes to a new type of monopoly. “It offers a new perspective on a key aspect of business development and provides impressive data that supports the idea that private commerce has been the decisive dynamo that drives business innovation and expansion.” John McAleer, Journal of Maritime History The English East India Company was one of the most powerful and enduring organizations in history. Between Monopoly and Free Trade, the source of this success lies in the innovative policy by which the company`s Court of Directors granted employees the right to pursue their own business interests while they were employed by the company. Emily Erikson examines the dynamics of the trade network, decision-making and ports and the organizational context, and shows why the British East India Company was a dominant force in the expansion of trade between Europe and Asia, and highlights the related problems, why England experienced rapid economic development and how relations between Europe and Asia changed in the 18th and 19th centuries. Although the company had a monopoly on English overseas trade to Asia, the Court of Directors extended the right to trade in Asia to its employees, creating an unusual situation in which employees worked both for themselves and for the company as foreign distributors. Building on the company`s organizational infrastructure and sophisticated business institutions in the Eastern markets, employees have established a cohesive internal peer communications network that has led English merchant ships on their voyages.
This network has integrated the operation of the company, encouraged innovation and increased the flexibility, adaptability and responsiveness of the company to local circumstances. Between Monopoly and free trade shows the dynamic potential of social networks in early modern times. In the past, free trade agreements were designed to promote competition, and today they often favour monopolies. “This is an important re-evaluation of one of the most important organizations in European and even global economic history: the English East India Company. To my knowledge, no one has done that. what Erikson gets in this book: a systematic quantitative network study based on primary sources, which conclusively determines how private traders channeled the growth and success of the EIC. ” – Henning Hillmann, PhRMA of the University of Mannheim, the pharmaceutical industry`s trade group, says that the development of a new drug takes on average more than 12 years and $2.6 billion on average for biologic drugs. This 12-year period is what drug manufacturers point out to justify the government`s minimum period of market exclusivity to recover these research costs.