Staff Reports
The Biden administration is on the warpath, threatening to snatch patents from drug companies if they don’t play by his rules.These companies aren’t just in it for the cash! They use that money for research and development, which means life-saving medications in the future.
Cutting-edge drugs could vanish under Biden’s unprecedented move to seize patentshttps://t.co/sA9HzlZvHb pic.twitter.com/sgEaDTz2S5
— The Washington Times (@WashTimes) December 29, 2023
The President is pointing the finger at pharmaceutical companies, accusing them of price gouging. But what he fails to mention is that developing new medications is no walk in the park! It takes oodles of cash and years of hard work.
The Biden administration wants to use an old law, the Bayh-Dole Act, to strong-arm these companies into lowering their prices. They’re talking about snatching patents and handing them over to competitors if the drugs aren’t sold at what they deem a “reasonable” price.
Jocelyn Ulrich, from the drug company lobbyist PhRMA, hit the nail on the head when she said the Bayh-Dole Act was never meant to be used as a weapon for the government to snatch up patents based on pricing. She’s got a point, folks! The government’s push to control drug prices could send shockwaves through the entire industry, putting the kibosh on all sorts of new and innovative treatments.
And what about the nuance of the situation? There’s a whole tangle of government funding wrapped up in this mess. The Biden administration is stomping around, talking about seizing patents that may have had just a drop of federal funding, leaving everyone scratching their heads and reaching for their lawyers.
The Biden administration’s heavy-handed approach to drug prices may seem like a quick fix, but it’s like using a sledgehammer to swat a fly. It’s bound to cause more harm than good in the long run.
