Changes

Some economists and legislators have advocated for a prize system instead of a patent system for pharmaceutical drugs (see [[Medical Innovation Prize Fund Act]]) given the potential for price hiking and deterring R&D in our current patent system.<ref name= "Radical" /> Legislators have proposed bills that provide for prize systems for a small class of drugs (see [[Prize Fund for HIV/AIDS Act]]). Under this system, companies that invent a new drug will receive a lump sum prize from a pool of up to $3 billion per year and no right to exclude would be awarded to the company. The money for the prize pool would be provided by the federal government and insurance companies. A panel of experts would determine which drug performs the best allowing research to be targeted towards a specific problem. <ref name = "Radical" /> Proponents of the HIV/AIDs Act including Bernie Sanders suggest that the prize system may lower barriers to entry and allow nontraditional parties to participate in finding a needed solution.

<ref name="Radical"> [https://www.washingtonpost.com/national/health-science/radical-bill-seeks-to-reduce-cost-of-aids-drugs-by-awarding-prizes-instead-of-patents/2012/05/19/gIQAEGfabU_story.html] ''Radical' bill seeks to reduce cost of AIDS drugs by awarding prizes instead of patents', ''Washington Post''. </ref>

<ref name="BU"> [http://www.bu.edu/law/journals-archive/scitech/volume131/documents/wei_web.pdf] Marylnn Wei, 'Should Prizes Replace Patents? A Critique of the Medical Innovation Prize Act of 2005'. "Boston University Journal of Science & Technology Law", (Boston: 2007). </ref>