The Biden government is telling drug companies that it could take away their patents if they think a drug is too expensive. Under federal law, patent rights can be given for medicines and other discoveries that were paid for by public funds.
The Biden administration has said it might break patents on cheap drugs. (PHOTO: google)
According to U.S. News, the White House wants to look into “march-in rights” under the Bayh-Dole Act of 1980. These rights would let rival drug companies get patents if they think drug prices are too high. This is the first time that government officials are looking into how much rights cost. Lael Brainard, the National Economic Advisor to the White House, said that the government is ready to let other companies sell drugs paid for by taxpayers at lower prices. President Joe Biden called the move an important step to stop price gouging and promised to make it easier for Americans to get prescription drugs. The health care business, by PhRMA, was worried about what might happen to drug research and new ideas. Experts, on the other hand, pointed out how important government funded research is to the growth of pharmaceuticals. The government’s bigger plan is to stop unfair practices in healthcare by focusing on transparency, competition, and ease of access.
READ MORE: On encouraging competition in the health care business.
