The Medical Innovation Act of 2024 would create a new fee on pharmaceutical manufacturers whose drugs became blockbuster drugs (generating over $1 billion in annual sales) with help from federally funded research, provided the manufacturer also had a major legal settlement with the government within the previous five years. The fee would range from 0.75 to 1.5 percent of the company's net income multiplied by the number of qualifying drugs, depending on the settlement amount. Revenue collected would be split between the Food and Drug Administration and the National Institutes of Health to fund medical research priorities, including studies on diseases with unmet medical needs, rare conditions, and support for early-career scientists. The payments would begin within 60 days of enactment and be due each October, with manufacturers facing collection actions if they fail to pay within 30 days. Congress would need to appropriate the collected funds before agencies can spend them, and distributions would only occur if the agencies' overall appropriations don't decrease from the prior year.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.