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Biden Plans to Revoke Drug Patents to Lower Prices

This headline from Politico should send a cold shiver down the spine of anyone who cares about constitutional property rights and anyone who wants to win the race for the cure for deadly diseases from cancer to Parkinson’s:

Using this logic, we should just end the patent process altogether and instantly allow copycat generics for ALL drugs. Drug prices will plummet, Biden will be a hero…and we won’t have a single new drug or vaccine for a long time.

Anyone, who themselves, or who has a family member, suffering from ALS, Parkinson’s, Alzheimer’s, MS, cancer, or epilepsy should be horrified by this action. The distinguished medical journal Health Affairs recently concluded: “Patents and other forms of intellectual property protection play essential roles in encouraging innovation in biopharmaceuticals.” It is because of patents that the U.S. leads the world in drug R&D and the discovery of new wonder drugs.

We already know from research by University of Chicago economist Tomas Philipson that the White House drug price controls are slowing new drug development – which kills people.

Repealing patents strikes us as a blatant taking of intellectual property inimical to our entire free enterprise system. This an administration that has no respect for the rule of law and that believes that the ends justify any means. It also provides immediate political benefits in exchange for longer-term higher death rates.

It’s a great strategy to lose the race for the cure for every killer disease.

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