Monoclonal antibodies are identical antibodies produced by a single clone of cells that recognize a specific antigen. They are produced through the fusion of antibody-producing B cells with myeloma cells to form a hybridoma that can produce the antibody indefinitely. Monoclonal antibodies have advantages like homogeneity and specificity since each recognizes the same epitope. They have various applications like cancer treatment and treating rheumatoid arthritis. Some common monoclonal antibodies are Bevacizumab, Rituximab, Abciximab, and Palivizumab which are used to treat conditions like cancer, arthritis, and respiratory infections.