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STEVE FORBES: Biden’s Assault on Patents

CTUP co-founder Steve Forbes exposes Biden’s threat to seize patents and compulsory-license them to competitors whenever the government thinks a drug or technology company is charging too much:

Congress passed the bipartisan Bayh-Dole Act over 40 years ago. The legislation’s primary intent was to enable universities, nonprofit institutions and small enterprises to collaborate with private-sector investors, experts and entrepreneurs to further develop and commercialize research that had been initiated or funded in part or wholly by federal grants and loans. It has been a resounding success, adding trillions of dollars to our GDP and generating millions of American jobs…

But now destructive danger lurks. To pacify misinformed leftist influencers during an election year, President Biden is proposing to weaken Bayh-Dole. He wants to give Washington politicians and bureaucrats the authority to “march in” and take control of patents on technologies that they decide are not being commercialized as they see fit…

The scenarios for the ways in which President Biden’s scheme would wreak havoc could go on forever. China, Russia and other global competitors would be the ultimate winners.

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