Let's say I invented a new antibiotic 12 years ago, and I'm collecting monopoly profits due to 17-year patent protection. Since the patent term expires in 5 ye

Let's say I invented a new antibiotic 12 years ago, and I'm collecting monopoly profits due to 17-year patent protection. Since the patent term expires in 5 years, I should invest $1 billion in R&D right now, and work around the clock to get an innovative new drug on the market before my monopoly turns into commodity. But if the patent term is extended for an additional 17 years, I'm no longer in such a hurry to put $1 billion at risk. Instead, I'll milk every last drop of monopoly profits from this drug. Even though superbugs are becoming more resistant every day, my product is still one of the best on the market. Maybe I'll invest $100 million a year in R&D, but I can certainly afford to take my time, and more importantly, to take fewer risks. It's good news for my bank balance, and bad news for patients suffering from drug-resistant bacteria.