Biden administration asserts power to seize drug patents in move to slash high prices
Biden administration asserts power to seize drug patents in move to slash high prices
The Biden administration unveiled a new framework outlining the factors federal agencies should consider in determining whether to use march-in rights.
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 powers.
“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 National Economic Advisor Lael Brainard said during a call with reporters Wednesday.
I've often thought that this is a perfect situation in which to invoke Eminent Domain.
If the government can decide what my home is worth, and force me to sell it at that price so that they can sell it to a developer to tear down and build something else to sell to someone else, then why can't they decide what a patent is worth and force the patent holder to sell it at that price.
The patent holder should be compensated for whatever they paid to develop the technology. Obviously, if the patent is based on government funded research, then whatever the government already paid would be deducted from the value of the patent.
Good. I'm tired of being taken advantage of by a corporate oligarchy that endlessly enriches itself at our expense.
Hehehee, I like to imagine him talking to some of these companies on the phone about this problem and them acting all tough before he made this decision.
"Seize" is a really weird term to apply to something that only exists as an idea. Especially an idea that only has meaning because governments actively enforce it. It would make more sense to say Biden plans to end enforcement of the relevant patents.
It seems like the language of the article is designed to paint Biden's plan in a bad light.
"Won't someone think of the billion dollar drug corporation? They're the real victims of this abuse of executive power!" - Republicans right now, probably.
“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,”
Cue the legal bickering over what counts as "reasonable". I think the definition is clear: the only reasonable price for medicine is the lowest possible price. And the only way to ensure that is to not award drug patents in the first place (at all, but especially if development was funded by taxpayers).
I'm extremely torn about this. First of all, I've been saying for a long time, that the biggest problem with the American health system is the costs of everything, and not the lack of insurance. Bring the costs down, and insurance is either not needed, or should be able to be procured much more cheaply, so this move will help with that, which is a good thing.
Second, patents are in place for a reason. If you invent something, you have the right to sell it, at least for a period of time, without it being ripped off by someone else. Patents are used all the time, all around the world, and are typically protected. This is a form of theft, and I think a possible slippery slope, as it sets a precedent going forward. And yes, I'm aware that they are doing this with drugs funded by the taxpayers. If they want to do this, it should be a stipulation when the company gets the government funding, and not done after the fact.
“You’re killing me”! - Drug Companies “Good” -Me
He does this in time, I won't feel bad for voting for him just to stop Trump's immenant objective of Tyrrany of Obvious Lies and Theft.