Biotechnology Innovations: Addressing Drug Development and Pricing Issues in Congress
Biotechnology and Drug Development
Biotechnology plays an essential role in drug development, influencing how new therapies are created. However, the current drug pricing models have come under scrutiny, particularly the impact of existing patents and monopolistic practices.
Legal Measures Affecting Drug Pricing
- The Hatch Waxman Act
- The Biological Price Competition and Innovation Act
These laws aimed to incentivize innovation but have inadvertently led to prolonged monopolies. This complicates the landscape, affecting drug pricing and ultimately consumer access.
Need for Reform
To address these challenges, substantial reforms are necessary to ensure fair competition in the pharmaceutical industry. Reducing drug spending involves revisiting legislative frameworks that support monopolistic practices and creating pathways for new entrants.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.