14.6 C
Washington

Opinion | Biden Decides to ‘March In’ on Drug Patents

Date:

Share:


Apparently not content with destroying the pharmaceutical industry slowly by phasing in price controls, the Biden administration plans to speed up the process. The administration proposed last week a policy framework that allows government agencies to “march in” if prices are too high, requiring a drug’s patent holder to license its invention to other companies. While the administration claims that seizing patents will promote competition and lower drug prices, it will do neither. It will stifle pharmaceutical innovation and harm Americans’ health.

March-in rights were created in a 1980 law sponsored by Sens. Birch Bayh and Bob Dole, which allowed universities, nonprofits and small businesses to retain ownership of patents for inventions discovered with the aid of federal funding. This ensured those inventions could be developed and made available to the public.

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



Source link

Subscribe to our magazine

━ more like this

Meet the co-owner of the NBA’s Dallas Mavericks: A casino mogul trying to bring gambling to a reluctant state

As Game 3 of the NBA Finals tipped off at the American Airlines Center on Wednesday, Patrick Dumont, the new co-owner of the...

Colliding hot and cold fronts whipsaw the U.S. with extreme heat, flooding, and a chance of snow

After days of intense flooding in Florida, that state and many others are bracing for an intense heat wave, while the Pacific Northwest will experience...

Cannes Lions Award Entries Down 38% Compared to 2016 High

Whether a matter of time, cost or combination of other factors, the ad world isn’t submitting as much work to the Cannes Lions...

U.S. debt could threaten the economic growth that’s needed to keep the burden sustainable, former IMF official says

Even if the U.S. avoids some of the worst-case scenarios, ballooning debt and the cost of servicing it could eventually slow economic growth...

More Americans are suddenly planning to have babies and buy new homes, even as consumer sentiment sinks

The latest consumer sentiment gauge suggests more gloom about the economy, even as it remains strong, but another indicator may belie that weak...