Overview of the Medical Innovation Prize Fund

Overview of the Medical Innovation Prize Fund

10 Pages · 2011 · 159 KB · English

Appendix 2: International Legal Issues. The Medical Innovation Prize Fund effectively eliminates the exclusive rights to make, use and sell covered products protected by patents. The legislation was drafted to be complaint with international legal norms, including the World Trade Organization agree

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The Medical Innovation Prize Fund A New Paradigm for Supporting Sustainable Innovation and Access to New Drugs: DeLinking Markets for Products from Markets for Innovation May 26, 2011 Table of Contents Overview of the Medical Innovation Prize Fund 1 Introduction 1 The Medical Innovation Prize Fund 2 Board of Trustees 2 End Product Prizes 3 Allocation of Funds to Prior Research 4 Open Source Dividend 4 Competitive Intermediaries 4 Appendix 1: Economics 5 Valuation Term 7 Priority Research 7 Followon Innovation 7 Open Source Dividend 7 Competitive Intermediates for Open Source and Interim Rewards 7 Appendix 2: International Legal Issues 8 Article 30 9 Article 31 9 Article 442 10 Overview of the Medical Innovation Prize Fund Introduction The Medical Innovation Prize Fund (S 1137, 112 th Congress) is a proposal to change the system of rewards to induce R&D investments One fundamental element is to separate the markets for products from the markets for innovation The proposed legislation would eliminate patent and other intellectual property barriers to the introduction of generic medicines Replacing product monopolies would be a new Medical Innovation Prize Fund, that would provide more than $80 billion in annual rewards for useful investments in R&D for new medicines and vaccines Patents would still be available for medicine related inventions, and valuable in making claims Medical Innovation Prize Fund Page 1 of 10 against the Prize Fund, but they would not be used to block generic competition Research placed in the public domain would also be eligible to receive rewards from the Prize Fund By delinking R&D incentives from product prices, it is possible to price drugs at marginal costs, eliminating price sensitive drug formularies and expanding access to new drugs De linkage also makes it possible to reward a wider range of activities The Medical Innovation Prize Fund system includes an open source dividend and a system of competitive intermediaries to reward interim research and development activities The reforms in the Medical Innovation Prize Fund are designed to (1) lower the overall costs of outlays on medicines, (2) focus innovation investments on the most useful and important products, (3) stimulate greater openness and sharing of information and materials, (4) increase the rate of innovation, and (5) expand access to new products The Medical Innovation Prize Fund The bill creating the Medical Innovation Prize Fund seeks to reconcile the dual objectives of supporting innovation and access to new medicines It does so by radically changing the mechanisms to reward investments in R&D The legislation eliminates all legal monopolies on the sale of qualifying products for FDA approved drugs and vaccines, making it possible to buy inexpensive generic versions from competitive suppliers Competition is expected to lower the cost of drugs by more than $250 billion per year for the US domestic market, with the saving shared by health insurers, employers and patients The rewards for innovation would be provided by the new Medical Innovation Prize Fund that would be funded at 055 percent of the gross domestic product of the United States, an amount equal to more than $80 billion per year at current levels of GDP All federal and nonfederal health reimbursement and insurance programs would contribute to the Prize Fund The $250 billion or more savings on drugs would more than offset the $80 billion cost of the prize

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