The Medical Innovation Act of 2024 would require pharmaceutical manufacturers to pay supplemental fees to fund increased medical research if they meet two conditions: having a settlement agreement with the federal government within the past five years for violations totaling at least one million dollars, and reporting net income of at least one billion dollars. The fees would apply only to drugs that generated at least one billion dollars in annual sales and benefited from federal research investments. The payment amounts would range from 0.75 to 1.5 percent of the company's net income, depending on the size of their settlement, multiplied by the number of blockbuster drugs they sell. Collected funds would be split between the Food and Drug Administration and National Institutes of Health to support medical research priorities including innovation in regulatory science, research on unmet medical needs, and grants for early-career scientists. The bill includes enforcement mechanisms to ensure timely payment and requires annual reporting to Congress on assessed manufacturers and collected amounts.
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