Patent cliff refers to a sharp drop in revenue that a company experiences when a lucrative patent expires。

Pantent cliff“專利懸崖”是指企業的收入在一項利潤豐厚的專利收效后大幅度下降。

There is a simple explanation for most of the mergers and acquisitions in the pharmaceutical world these days: the so-called Patent Cliff. Simply put, many of the drug industry’s biggest earners are about to lose their patent protections。

最近，制藥行業內部兼并案不斷，大部分可歸結為一個原因：所謂的pantent cliff“專利懸崖”。簡單地講，就是許多制藥行業的贏家將會失去的專利保護即將到期。

For example, Lilly is already facing the biggest "patent cliff" in the industry. Five of its six leading products face generic competition in the next four years. Barbara Ryan, a stock analyst with Deutsche Bank, said Lilly’s earnings will decline 35 percent by 2014 unless it makes one of the larger acquisitions it has historically resisted。

舉個例子，美國制藥巨賈禮來公司已經面臨著業界最大的“專利懸崖”。它的六種主要產品由五種將在今后四年面臨仿制藥的競爭。據德意志銀行的股票分析師芭芭拉瑞安說，禮來公司2014年的收入將減少35%，除非它改變想法，接納較大規模的并購。

失去了專利保護，一部分制藥廠商面臨破產，而另一部分則可能轉戰仿制藥市場。作為消費者的我們，有可能在此過程中買到廉價藥，也有可能無藥可買。無論哪種結果，還是先鍛煉好身體，盡量不賣藥。