12/7/2023, 3:38 PM (Source: TeleTrader)
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US to seize drug patents if prices are too high

The Biden administration announced on Thursday a framework that will allow the government to seize drug patents from pharmaceutical companies if they set the prices too high. The administration cited the Bayh–Dole Act of 1980, which allows it so-called "march-in rights" for products "arising from federally supported research or development." According to White House National Economic Advisor Lael Brainard, "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."

Meanwhile, White House Domestic Policy Advisor Neera Tanden claimed that "American taxpayers pay more for research than any country in the world" while pharmaceutical companies charge "two to three times, and sometimes even more than that, for the same drugs than what they can charge in other countries."

Baha Breaking News (BBN) / DJ