Drug companies that violate law would fund medical research under new Democratic legislation
Sen. Elizabeth Warren (D-Mass.) and Rep. Jan Schakowsky (D-Ill.) have introduced legislation that would require pharmaceutical companies that have entered settlement agreements over violating federal law to invest a portion of their profits into key agencies.
Titled the "Medical Innovation Act," the bill would apply to large drugmakers that are found to have violated federal laws and also have received federal funding that helped them develop what the bill calls "blockbuster drugs." The legislation defines these drugs as those that had net sales of at least $1 billion in the previous calendar year.
Funds collected through this legislation would go toward initiatives in the National Institutes of Health and the Food and Drug Administration. Companies would be required to invest a percentage of their profits into these federal health agencies for five years.
Warren's office identified at least 40 pharmaceutical companies in the past five years that would be affected by this bill.
“Big Pharma shouldn’t be able to defraud the federal government and get away with just a slap on the wrist,” Warren said in a statement. “This bill will help us save lives by ensuring giant drug companies that enter into settlement agreements with the federal government chip in to fund the next generation of medical research.”
The percentage required to be invested would grow in proportion to the amount of settlement the company agreed to with the federal government.
Companies with settlements of $500 million or less would be obligated to pay 0.75 percent of net income; 1 percent if the settlement is between $500 million and $1 billion; and 1.5 percent if the settlement is at least $1 billion.
Under the bill, the funds would be allocated to developing treatments and diagnostics for unmet medical needs; research grants for early career scientists; research into diseases that disproportionately contribute to federal health care spending; and the advancement of basic biomedical research.
Date: |
-
Health - ABC News
California health care workers get a pay bump under a new minimum wage law
Some of the lowest-paid health care workers in California are getting a pay bump under a state law2 days ago - California -
Business - Inc.
California Health Care Workers Get Pay Bump Under New Wage Law
The new minimum wage of $18 an hour will gradually increase to $25 an hour under the new state law.23 hours ago - California -
Politics - The Hill
Weight loss drugs may help reduce drug and alcohol misuse: Research
Weight loss medications such as Ozempic may be able to cut drug and alcohol misuse in half, according to a new study from the scientific journal Addiction. The research, published Thursday, found ...23 hours ago -
Politics - The Hill
Paxton accuses Texas doctor of providing gender-affirming care in violation of state law
Texas Attorney General Ken Paxton (R) on Thursday sued a doctor in Dallas, accusing her of providing gender-affirming care to nearly two dozen minors in violation of the state’s law. Paxton ...21 hours ago -
Politics - The Hill
House Democrats call on companies to retain DEI program
Forty-nine House Democrats signed an open letter to Fortune 1,000 chief executives asking them to affirm their commitment to their workplace equality initiatives, amid heightened backlash and legal ...2 days ago -
World - Financial Times
Pension funds warn being forced to invest in UK would be ‘huge mistake’
Industry fears having to buy lower-quality assets at unattractive prices after minister says ‘considering all options’14 hours ago - United Kingdom -
World - Financial Times
Pension fund use of ETFs surges in Europe
Institutional iShares assets under management have been growing at a compound annual growth rate of nearly 30% in the region, according to BlackRock14 hours ago -
Business - Inc.
New Global Research Suggests It May Be Time to Retire ‘Hard’ and ‘Soft’ Skills
To boost chances for long term growth, companies need to reconsider their skills development system.3 days ago -
Top stories - CBS News
New research suggests undiagnosed ADHD may be more common in U.S. adults
A new survey reveals that 25% of U.S. adults suspect they have undiagnosed ADHD, but only 13% have discussed it with a doctor. CBS News medical contributor Dr. Céline Gounder explains the ...3 days ago
More from The Hill
-
Politics - The Hill
DeSantis suspends election deadlines to ensure flexibility after hurricanes
Florida Gov. Ron DeSantis (R) has suspended some election deadlines and rules in Florida to ensure flexibility for voters and election workers in areas affected by hurricanes Helene and Milton. In ...35 minutes ago -
Politics - The Hill
FAA opening Boeing safety review
The Federal Aviation Administration (FAA) announced Friday it is opening a review into Boeing's safety processes to ensure they meet the administration's requirements. "The review will focus on key ...44 minutes ago -
Politics - The Hill
How the US can counter China's economic coercion
The Chinese threat of economic coercion has been effective, but the U.S. has leverage over China due to its reliance on supplying U.S. companies, and can leverage the imbalance in China's export ...49 minutes ago - China -
Politics - The Hill
More than 1 million votes cast in Georgia during early voting period
More than 1 million votes have been cast in the critical battleground state of Georgia just days after early voting opened in the state. Georgia shattered records with more than 300,000 ballots ...1 hour ago -
Politics - The Hill
Usher, Lizzo to campaign with Harris this weekend
Kamala Harris's campaign is saying "Yeah!" to a double dose of star power, with Usher and Lizzo appearing in back-to-back swing state events in support of the vice president's White House bid. ...1 hour ago