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.

  • @Nastybutler@lemmy.world
    9•11 months ago

    Alternative idea: If a pharmaceutical company uses government funds to develop a drug, the patent is limited to 5 years and the government sets the price.