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S 495 115th Congress Senate Health Advanced technology and technological innovations Advisory bodies Drug safety, medical device, and laboratory regulation Health care costs and insurance Immunology and vaccination Insurance industry and regulation Intellectual property Manufacturing Marketing and advertising Medical research Prescription drugs Research administration and funding Research and development User charges and fees

Medical Innovation Prize Fund Act

Introduced: March 2, 2017 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 2, 2017
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Mar 2, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

Medical Innovation Prize Fund Act

This bill denies any person the exclusive right to manufacture, distribute, sell, or use a drug, a biological product, or a medication manufacturing process. The bill establishes the Fund for Medical Innovation Prizes to provide for prize payments in lieu of market exclusivity.

The Board of Trustees of the fund must award prize payments to: (1) the first person to receive approval for a medication; (2) the holder of the patent for a manufacturing process; and (3) persons or communities that contributed to the development of a rewarded medication or process through the open, nondiscriminatory, and royalty-free sharing of knowledge, data, materials, and technology.

The board must establish: (1) criteria for selecting recipients and determining the amount of prizes, and (2) independent expert advisory committees to assist it in carrying out this bill.

The board must establish, and may periodically modify, minimum levels of funding for priority research and development, including research and development regarding global neglected diseases, orphan diseases, global infectious diseases, and other global public health priorities.

The board may authorize nonprofit intermediaries to reward projects for interim research and development of products or for open source dividend prizes.

The Government Accountability Office must determine the board's effectiveness in bringing to market new medications and manufacturing processes in a cost-effective manner and in addressing society's medical needs.

The bill establishes an annual fee on health insurers to fund this bill.

What's happening now March 2, 2017

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

 Committees of jurisdiction 1