What does "market authorization" signify in drug regulation?

"Market authorization" signifies the license granted to a company or entity that permits it to market a drug following its approval by a regulatory authority. This concept is a crucial part of the drug approval process, where a regulatory body reviews clinical trial data and other documentation to ensure the drug's safety, efficacy, and quality. Once a drug is authorized, the company can legally sell the product to healthcare providers and consumers, marking a critical transition from clinical research to commercial availability.

The process of obtaining market authorization is a significant milestone in drug development, as it indicates that a regulatory agency has determined the drug meets all necessary standards.

The other choices highlight different aspects of drug regulation that do not relate directly to market authorization. Increasing drug prices deals with post-market activities and economic aspects, which are separate from regulatory approvals. Granting patents for new drugs pertains to intellectual property rights and protection, not regulatory approval for marketing. Finally, authorization to conduct clinical trials is an earlier phase in the drug development process focused on research rather than the actual marketing of a drug.