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Questions: Listen to the EconTalk podcast with Robin Feldman, discussing her book Drug Wars, available at this link: http://www.econtalk.org/robin-feldman-on-drug-patents-generics-and-drug-wars/. Based on this podcast, write an essay of approximately 1000 words, addressing the following questions: In theory, what effect should the expiration of a pharmaceutical patent have on the price and quantity of the drug sold in market? Explain your answer using diagrams. What does Feldman mean by “weak patents,” and why do they make it harder for generic drugs to reach the market? What are the three ways Feldman describes that brand-name drug companies try to prevent generics from coming to market in the US, and why do these tactics seem to be so immune to challenge? Explain why doctors in the US usually don’t prescribe generic drugs? What is the main source of market failure in this case? Feldman remains optimistic about the potential to reform the system and lower the burden for bringing new drugs to market. She stresses the need for ruthless simplification, functioning and competitive markets, and “sunshine.” Which of these do you find the most hopeful, and why? How would you suggest this particular problem be tackled?