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Medical Innovation Prize Fund Act (view source)
Revision as of 15:04, 9 June 2016
, 15:04, 9 June 2016→Summary
==Summary==
The Medical Innovation Prize Fund Act is a [http://www.edegan.com/wiki/index.php/Patent_Reform#Legislation_Considered_in_Previous_Congressional_Sessions patent reform act] proposed in a previous congressional session.
The Medical Innovation Prize Fund Act, introduced in 2013 and sponsored by Bernie Sanders was designed to transform the patent system into a prize system. It died in a previous session of Congress. The Act would enact a prize system for all ‘medical innovations relating to a drug, a biological product, or a new manufacturing process for a drug or biological product’ [https://www.govtrack.us/congress/bills/113/s627/summary]. The plan establishes an annual fee for health insurers to fund this Act, which would go into a Medical Innovation Prize Fund (MIPF). Prize payments would be distributed from MIPF, and the payments would total 0.5% of GDP from the preceding fiscal year [http://www.bu.edu/law/journals-archive/scitech/volume131/documents/wei_web.pdf].
