7,612
edits
Changes
Jump to navigation
Jump to search
Medical Innovation Prize Fund Act (view source)
Revision as of 17:28, 14 March 2017
, 17:28, 14 March 2017no edit summary
"The patent system give pharmaceutical companies a government-backed monopoly over the sale of their drug for 20 years. Within that period of time, they can charge as much as they want for the drug." [http://www.vox.com/2015/9/25/9397069/bernie-sanders-drug-prices]
[[Image:Profit_margins_by_industry.jpg]]
This act was most recently re-introduced by Senator Sanders as S. 495: Medical Innovation Prize Fund Act in the 115th congress.
See:
*https://www.congress.gov/bill/115th-congress/senate-bill/495
*https://www.govtrack.us/congress/bills/115/s495
==Summary==
The Medical Innovation Prize Fund Act is a [http://www.edegan.com/wiki/index.php/Patent_Reform#Legislation_Considered_in_Previous_Congressional_Sessions patent reform act] proposed in a previous congressional session.
The Medical Innovation Prize Fund Act, introduced in 2013 and sponsored by Bernie Sanders was designed to transform the patent system into a prize system. It died in a previous session of Congress. The Act would enact a prize system for all ‘medical innovations relating to a drug, a biological product, or a new manufacturing process for a drug or biological product’ [https://www.govtrack.us/congress/bills/113/s627/summary]. The plan establishes an annual fee for health insurers to fund this Act, which would go into a Medical Innovation Prize Fund (MIPF). Prize payments would be distributed from MIPF, and the payments would total 0.5% of GDP from the preceding fiscal year [http://www.bu.edu/law/journals-archive/scitech/volume131/documents/wei_web.pdf].
