Dec 7 (Reuters) - The Biden Administration on Thursday announced it is setting new policy that will allow it to seize patents for medicines developed with government funding if it believes their prices are too high.
The policy creates a roadmap for the government’s so-called march-in rights, which have never been used before. They would allow the government to grant additional licenses to third parties for products developed using federal funds if the original patent holder does not make them available to the public on reasonable terms.
Under the draft roadmap, seen by Reuters, the government will consider factors including whether only a narrow set of patients can afford the drug, and whether drugmakers are exploiting a health or safety issue by hiking prices.
“We’ll make it clear that when drug companies won’t sell taxpayer funded drugs at reasonable prices, we will be prepared to allow other companies to provide those drugs for less,” White House adviser Lael Brainard said on a press call.
This is the best summary I could come up with:
Dec 7 (Reuters) - The Biden Administration on Thursday announced it is setting new policy that will allow it to seize patents for medicines developed with government funding if it believes their prices are too high.
Under the draft roadmap, seen by Reuters, the government will consider factors including whether only a narrow set of patients can afford the drug, and whether drugmakers are exploiting a health or safety issue by hiking prices.
Megan Van Etten, a spokesperson for the leading pharmaceutical industry lobby group PhRMA, said allowing the government to use march-in rights based on price would stunt innovation and harm patients.
Under Bayh-Dole, the National Institutes of Health (NIH) has the power to seize patents of federally-funded medicines, but the agency’s former director Francis Collins said it did not have the authority to use march-in rights to lower drug prices.
Progressive lawmakers in the Democratic Party have this year heaped criticism on drugmakers that developed therapies with government funding, and called on President Joe Biden’s administration to use its march-in authority to lower drug prices.
In March, Moderna (MRNA.O) CEO Stephane Bancel was called to testify in Congress after the company flagged plans to raise the price of its COVID-19 vaccine to as much as $130 per dose, drawing the ire of Democratic U.S.
The original article contains 584 words, the summary contains 216 words. Saved 63%. I’m a bot and I’m open source!
WTF is even going on in my country… Like seriously, a half dozen things we’ve been demanding desperately for years are suddenly on the table
Is this a real possibility? Is it a distraction from Israel? Both?
I’m very confused.