>When a company develops a pharmaceutical, they patent it. the patent is good for 17 years. During that time, they have a monopoly on that product.
>
>They have to patent it before it enters the public arena, meaning before they announce it or begin trials, FDA approval etc etc, which can take up half or more of the patent period.

That's true. In Canada it was changed to 20 years from the date of the patent application. In the U.S. it's still 17 years, but the patentee can apply for an extension. I have no idea how often or if extensions are granted.