The Biden administration announced a new framework that outlines when federal agencies could use "march-in rights" to break drug patents for medications developed with public funding but deemed too expensive. This would allow generic competitors to produce more affordable versions. It marks the first time a U.S. administration has explicitly said a drug's high price alone could justify breaking its patent. However, no agency has actually exercised march-in rights to date. The move is part of President Biden's efforts to lower drug costs for Americans and increase competition in the pharmaceutical industry. Nearly 1 in 3 U.S. adults struggle to afford their medications.
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00:00 Benzinga and here's what's on the block. The Biden administration announced a new framework
00:04 that outlines when federal agencies could use march-in riots to break drug patents for medications
00:09 developed with public funding but deemed too expensive. This would allow generic competitors
00:14 to produce more affordable versions. It marks the first time a U.S. administration has explicitly
00:19 said a drug's price, high price alone, could justify breaking its patent. However, no agency
00:25 has actually exercised march-in riots to date. The move is part of President Biden's efforts
00:30 to lower drug costs for Americans and increase competition in the pharmaceutical industry.
00:35 Nearly one in three U.S. adults struggle to afford their medications. For all things money visit
00:39 Benzinga.com