Biden administration asserts power to seize drug patents in move to slash high prices
Publishing timestamp: 2023-12-07 12:09:04
Summary
The Biden administration has unveiled a new framework that allows for the seizure of patents of certain costly medications in an effort to lower drug prices and promote competition in the pharmaceutical industry. The framework outlines factors that federal agencies should consider in deciding whether to use the controversial policy known as march-in rights. This move could lead to the development of lower-priced generic alternatives, but it has faced pushback from the pharmaceutical industry, which argues that it discourages research and development. The administration's announcement comes as President Biden makes lowering drug prices a key part of his healthcare agenda.
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Keywords: business, joe biden, pfizer inc, pharmaceuticals, social issues, breaking news: politics, biotech and pharmaceuticals, biotechnology, cvs health corp, politics, business news, johnson & johnson, eli lilly and co, health care industry, government and politics, breaking news,
Source: https://www.cnbc.com/2023/12/07/biden-administration-asserts-power-to-seize-drug-patents.html