Biden administration asserts power to seize drug patents in move to slash high prices

[moonshinegnomie]

This discussion thread was locked as off-topic by Omaha Steve (a host of the Latest Breaking News forum).

Source: CNBC

The Biden administration on Thursday asserted its authority to seize the patents of certain costly medications in a new push to slash high drug prices and promote more pharmaceutical competition.

The administration unveiled a framework outlining the factors federal agencies should consider in deciding whether to use a controversial policy, known as march-in rights, to break the patents of drugs that were developed with federal funds but are not widely accessible to the public. For the first time, officials can now factor in a medication’s price — a change that could have big implications for drugmakers depending on how the government uses the power

Read more: https://www.cnbc.com/2023/12/07/biden-administration-asserts-power-to-seize-drug-patents.html

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its about time. if the government helps fund teh research for a drug then the drug companies have no right to charge insane prices

[getagrip_already]

1. Even if it is only a brush back at the plate....

Hopefully the drug companies will be wary about price gouging on drugs like the covid vaccine.

We paid for it, and now we have to pay for it again?

But hopefully the ball will hit them squarely in the temple and they will figure it out when they wake up.

[dalton99a]

2. Kick

[riversedge]

3. A twitter message from President Biden on drug prices.........

President Biden
@POTUS
Folks, right now, 25 of the largest pharmaceutical companies in America control 70% of the market. This lack of competition drives up prices – making it harder for hardworking American families to access the health care they need.

Today, my Administration is doing something about it. Let me explain:

Hundreds of billions of taxpayer dollars are spent on research, discovery, and development of new prescription drugs. And while I firmly believe that the strength of a nation can be measured by the boldness of its science, the quality of its research, and the progress it helps bring forth, I also believe that the folks who paid for the research – you – ought to be able to access and afford the final product.

That's why my Administration is proposing that if a drug made using taxpayer funds is not reasonably available to Americans, the government reserves the right to "march in" and license that drug to another manufacturer who could sell it for less.

This is an important step toward ending Big Pharma price gouging.

It's good for competition.
It's good for our economy.
And it's good for the millions of Americans who can't afford their medications – who know all too well that fine line between dignity and dependence that the price of a prescription drug can draw.

Link to tweet

?s=20

[Bayard]

4. BIG K&R

Cue the rethuglican outcry about Biden threatening the pharma industry and driving down their profits.

This is a BFD.

[IronLionZion]

5. Crooked companies buy patents to drugs others developed

and then become the sole monopoly supplier so they can jack up prices. It adds no value to our healthcare system, just sky high prices. Martin Shkreli does that with insulin. Joe Manchin's daughter Heather Bresch was able to retire early as a fabulously wealthy woman from doing that to EpiPens.

[FemDemERA]

6. Perhaps agreement to abide by this rule should be required

Any time federal funds are granted, along with a cost cap, so companies can’t complain later when the feds step in if the company goes over that cap.

[Omaha Steve]

7. AFTER a review by forum hosts LOCKING

DUPE of https://www.democraticunderground.com/10143165641

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