Pharma industry effective and growing now
Joseph Damond, ’24, February 6, EGA Health Chair, “Biden’s “march-in” rights threaten long-term innovation in pharmaceuticals and biotech,” EGA, accessed July 16, 2024, https://www.edelmanglobaladvisory.com/insights/Biden-march-in-rights-threaten-long-term-innovation
When it comes to healthcare, a delicate balance exists between fostering innovation and ensuring patient access to life-saving medicines. The Biden administration recently announced plans to establish new rules broadening its authority to seize patents from pharmaceutical companies for new drugs that have benefitted from publicly financed research. These plans are not only controversial but also raise critical questions about the future of pharmaceutical innovation in the United States.
The US pharmaceutical and biotech sector has long been a global leader in innovative drug development—owing much of its success to a combination of effective life-science policies such as federally funded research grants, robust intellectual property protections, and technology transfer policies. These policies have historically, and effectively, provided companies with incentives to invest in high-risk and costly drug development, which has resulted in countless groundbreaking medical advancements that we benefit from today.