Patents are of crucial importance in the pharmaceutical sector, to ensure adequate levels of return on investment in research and development (R&D) leading to the invention, regulatory approval and successful marketing of beneficial new medicines and other drugs. At the same time, pharmaceutical patents may have a greater impact than those in other economic sectors on competition, pricing and resource allocation. In contrast to the impact of patents in other areas, a patent on a pharmaceutical compound or formulation will often result in a true monopoly, in the economic sense, on the supply of drugs for the treatment of particular medical conditions, as suitable alternative treatments are not always available.