Jackson Purchase News

WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) expressed concerns about the Biden Administration's recent move towards prescription drug socialism. McConnell spoke on the Senate floor, highlighting the potential consequences of the administration's actions.

McConnell discussed the concept of "march-in rights," stating that the administration is claiming the authority to determine price ranges for drugs funded through public-private partnerships. He criticized the idea that unelected regulators would have the power to seize a company's intellectual property rights if they determine the price is too high.

In McConnell's words, "The government reserves the right to 'march in' and license that drug to another manufacturer who could sell it for less." He emphasized that this move goes against the original intent of the Bayh-Dole Act, a 1980 law designed to promote private-public cooperation and innovation in medicine.

The Senate Republican Leader argued that such actions could have a detrimental impact on the medical innovation sector in the United States. McConnell stated, "If Washington bureaucrats get the final say on how American producers market lifesaving cures… then America will cease to be the world-leading hub of medical innovation."

He further questioned the incentives for entrepreneurs and researchers to invest in creating new treatments if the government can simply seize their intellectual property and redistribute it. McConnell suggested that the Biden Administration's approach could also extend to other industries that rely on public-private partnerships and cutting-edge technologies.

McConnell warned, "Under the model of prescription drug socialism, the Biden Administration is laying the groundwork for government patent seizure on other cutting-edge technologies – from semiconductors to nuclear energy."

He concluded by emphasizing the importance of America's pipeline of lifesaving cures and the contribution of American entrepreneurs and researchers to saving millions of lives. McConnell suggested that if the Biden Administration continues to encroach on the innovation sector, these bright minds may choose to take their intellectual property and leave the American market.

The concerns raised by McConnell shed light on the potential consequences of the Biden Administration's push for prescription drug socialism. The debate surrounding the balance between affordable access to medication and incentivizing innovation continues, with stakeholders expressing differing opinions on the path forward.

To learn more, click on this link: https://www.mcconnell.senate.gov/public/index.cfm/pressreleases?ID=50053602-C64B-420F-884F-03BFA860F37F