“Biden Considers Using ‘March-In’ Rights to Lower Drug Prices, Puts Big Pharma on Notice”
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BREAKING: Biden puts Big Pharma on notice that he may use “march-in” rights to bring down prices of drugs that taxpayers helped develop.
This lets the administration give other companies license to produce those drugs at a lower cost.
No president has ever used this authority. pic.twitter.com/iBV44gURs9
— More Perfect Union (@MorePerfectUS) December 7, 2023
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Title: Biden Vows to Tackle Rising Drug Prices through “March-In” Rights
In a groundbreaking move, President Joe Biden has put Big Pharma on notice, signaling his administration’s willingness to employ “march-in” rights to combat the soaring prices of drugs that were developed with taxpayer funding. This unprecedented step may potentially open the door for other companies to produce these drugs at a lower cost.
The announcement, made by the official Twitter account of More Perfect Union, has sent shockwaves through the pharmaceutical industry and ignited hope among Americans burdened by exorbitant drug prices. By invoking the little-known “march-in” provision, which has never been utilized by any previous president, Biden aims to address one of the most pressing issues facing the nation’s healthcare system.
Under the Bayh-Dole Act of 1980, the government has the authority to grant licenses to other manufacturers to produce drugs that were initially developed using federal funds. The act was primarily enacted to encourage innovation and facilitate the transfer of federally funded technology to the private sector. However, until now, no president has invoked this provision to regulate drug prices.
The move comes as a response to the relentless price hikes imposed by pharmaceutical companies, often leaving patients struggling to afford life-saving medications. By leveraging the “march-in” rights, the Biden administration seeks to introduce competition in the market, potentially leading to reduced prices for consumers.
While it remains unclear which specific drugs would be targeted, the mere mention of this unprecedented action has sparked intense debate among stakeholders. Advocates argue that invoking the “march-in” rights would bring much-needed relief to patients who have long been at the mercy of skyrocketing drug costs. Critics, on the other hand, express concerns about potential unintended consequences, such as discouraging investment in drug development.
The pharmaceutical industry, represented by powerful lobbying groups, has already voiced its opposition to Biden’s plans. They argue that this move could deter future investment in research and development, undermining the industry’s ability to innovate and discover new treatments.
As the Biden administration navigates this uncharted territory, the debate surrounding drug pricing reform is likely to intensify. The president’s willingness to explore all possible avenues to address this critical issue demonstrates a commitment to prioritize the needs of American citizens.
The potential implementation of “march-in” rights to tackle drug prices signifies a significant departure from the status quo. It remains to be seen how this action will unfold and whether it will lead to a more affordable and accessible healthcare system for all..
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@MorePerfectUS said BREAKING: Biden puts Big Pharma on notice that he may use "march-in" rights to bring down prices of drugs that taxpayers helped develop. This lets the administration give other companies license to produce those drugs at a lower cost. No president has ever used this authority.
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