This paper explains that the intellectual property embodied in a
drug is an extremely valuable asset for a pharmaceutical
company, and its continued protection is directly related to the company's long-
term success or failure. The author points out that Pfizer, the leading pharmaceutical company, has three main business practices and goals, which have overcome successfully the uncertainty in drug development and competitive pressures: (1) Extraordinary portfolio
management practices, (2) security of daily management of resources and (3) profitable research and development. The paper relates that, in 1984 Congress passed of the Drug Price Competition and
Patent Term Restoration
act, known as the Hatch-Waxman Act, which weakened patent law for pharmaceuticals making it easier for
generic copies to enter the market. Table of Contents Intellectual Property Risk and Resource Management Drug Price Competition and Patent Term Restoration (Hatch-Waxman) Act Food, Drug and Cosmetic Act Amendments to the 1938 Food, Drug and Cosmetic Act