Medical Innovation Act Introduced in House and Senate
On January 29, Senators Elizabeth Warren (D-MA), Ben Cardin (D-MD.), Sherrod Brown (D-OH), and Tammy Baldwin (D-WI) introduced the Medical Innovation Act (S.320), which is designed to increase “funding for critical medical research.” A companion bill, H.R. 744, was introduced in the House by Representatives Chris Van Hollen (D-MD), Jan Schakowsky (D-IL), Peter Welch (D-VT), and Kathy Castor (D-FL). According to the press release, the measure would require large pharmaceutical companies that break the law and settle with the federal government to reinvest a small percentage of their profits into the National Institutes of Health (NIH) and the Food and Drug Administration (FDA). Warren stated that, “For decades, American medical research has been a remarkable success, transforming medicine, saving lives, and keeping our families healthy. We can’t allow this engine of innovation to sputter.” The Medical Innovation Act “is an important first step toward breaking Congress’s stalemate over supporting NIH and renewing our nation’s commitment to developing critical medical research,” noted Warren. The bill text is available here and a fact sheet is available here.