Elizabeth Warren proposes a 'swear jar' for drug makers

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Elizabeth Warren proposes a 'swear jar' for drug makers Share This Page
  February 13, 2015Senator Elizabeth Warren (D-MA) in January introduced the Medical Innovation Act, a bill she has described as the equivalent of a swear jar.

Senator Elizabeth Warren (D-MA) in January introduced the Medical Innovation Act, a bill she has described as the equivalent of a swear jar. Under her proposal, drug makers that reach settlements with the federal government for paying kickbacks to doctors, defrauding Medicare or Medicaid, or illegally marketing medicines would have to pay 1% of annual net profits for each blockbuster medicine that originated with government-funded research. The penalty would be used to fund NIH. However, the law would only apply to drug makers with more than $1 billion in net profit. No estimates were given on how much money might be raised for the NIH, but if the law had been in place 5 years ago, Sen. Warren claims the agency would have gained an extra 20% in annual funding, or roughly $6 billion, on average, each year. Pharmaceutical industry representatives warn that needed money would be siphoned from research that develops new medicines.

Wall Street Journal (02/12/15) Silverman, Ed

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