How does biotechnology law affect the cost of new medical treatments?

Biotechnology law affects the cost of new medical treatments in several ways. First, legislation commonly requires the safety and efficacy of new treatments to be tested and regulated before they can be offered to patients. This increases the cost of research and development, as well as the cost of getting regulatory approval. Additionally, as biotechnology law can provide patent protection to new treatments, this can also increase the cost of treatments. Companies looking to bring new treatments to market often rely on patent protection to turn a profit, meaning that treatments are often priced higher than they would have been otherwise. Finally, the cost of treatments can be affected by the availability and cost of resources for research, such as labor and materials. Biotechnology law can affect the cost of these resources by placing restrictions on them, or on their access, due to policy or government regulations. By regulating the availability of resources, biotechnology law can help control the cost of new medical treatments.

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How does biotechnology law affect the cost of new medical treatments?

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