The Biden administration is putting pharmaceutical companies on notice. Washington is warning them that if the price of certain drugs is too high, the government might cancel their patent protection and allow rivals to make their own versions.

The Biden administration is putting pharmaceutical companies on notice, warning them that if the price of certain drugs is too high, the government might cancel their patent protection and allow rivals to make their own versions.

Under a plan announced Thursday, the government would consider overriding the patent for high-priced drugs that have been developed with the help of taxpayer money and letting competitors make them in hopes of driving down the cost.

In a 15-second video released to YouTube on Wednesday night, President Joe Biden promised the move would lower prices.

“Today, we’re taking a very important step toward ending price gouging so you don’t have to pay more for the medicine you need,” he said.

  • AutoTL;DR@lemmings.worldBEnglish
    31·
    11 months ago

    This is the best summary I could come up with:

    WASHINGTON (AP) — The Biden administration is putting pharmaceutical companies on notice, warning them that if the price of certain drugs is too high, the government might cancel their patent protection and allow rivals to make their own versions.

    Under a plan announced Thursday, the government would consider overriding the patent for high-priced drugs that have been developed with the help of taxpayer money and letting competitors make them in hopes of driving down the cost.

    It’s the latest health policy pitch from a White House gearing up to make its efforts to tackle drug prices a central theme in next year’s reelection campaign.

    Elizabeth Warren of Massachusetts and Amy Klobuchar of Minnesota, has in recent years lobbied the Health and Human Services agency to do so with certain drugs.

    “This would be yet another loss for American patients who rely on public-private sector collaboration to advance new treatments and cures,” PhRMA spokesperson Megan Van Etten said.

    When the public invests heavily in a private company’s drug, it’s fair to question whether they should have to pay high prices for it, said William Pierce, a former HHS official during President George W. Bush’s administration.

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