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Natural genes no longer able to be patented

From the NY Times:

Reversing a longstanding policy, the federal government said on Friday that human and other genes should not be eligible for patents because they are part of nature. The new position could have a huge impact on medicine and on the biotechnology industry.

I feel as someone starting their PhD in Genome Sciences, I should have a nice elaborate analysis for you… but alas, I don’t. I can tell you all about how genes work, or how to isolate them in the first place, but I’m no expert on the pros and cons of gene patents.

I have my ideas, but feel free to discuss in the comments. Do you think this is good or bad for future research? For future medicine?