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Context is US law.

Say a company develops some new drug with some new Active Pharmaceutical Ingredient (API). They also have two formulations containing said API which allows the drug to be delivered via different mechanisms (say orally and intravenously).

Will they get a patent on just the API or can they secure two patents, one for each delivery mechanism + the API?

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Yes, if the structure and/or method of each is novel and non-obvious. Frequently a slow-release version is patented separately. Or they could be two distinct claims in a single granted patent.

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