Elections Bernie Sanders: if I'm elected, US will halve domestic drug prices or we'll invalidate patents

[Trotsky]

In an interview on Sunday's "Face The Nation," Sen. Bernie Sanders vowed that if he becomes president, he will cut prescription drug prices in half.

"Let me make a campaign promise to you and you can repeat this, play this tape over if I'm elected president," Sanders said. "And that is, if I am elected president I'm going to cut prescription drug costs in this country by 50 percent so that we are not paying any more than other major countries are paying."

"The five major [pharmaceutical] companies made 50 billion dollars in profits last year," Sanders said. "They pay their CEOs outrageous compensation packages. If they don't like that, then we'll take a look at their patents."



https://www.realclearpolitics.com/v...ill_cut_prescription_drug_prices_in_half.html


Additional reading:

https://www.vox.com/science-and-health/2016/11/30/12945756/prescription-drug-prices-explained
(on the current distortion of pricing incentives and the possibility of lower investment and innovation in the case of price regulation)

https://www.scientificamerican.com/article/how-the-u-s-pays-3-times-more-for-drugs/
(on why the United States pays considerably more for core medications than in comparably wealthy price-regulated countries in Europe)

https://www.washingtonpost.com/news...r-drugs/?noredirect=on&utm_term=.40273472a184
(on the responses from and within the pharmaceutical industry)

 

[skold]

This man should have been your 45th

 

[Ornife]

In an interview on Sunday's "Face The Nation," Sen. Bernie Sanders vowed that if he becomes president, he will cut prescription drug prices in half.

"Let me make a campaign promise to you and you can repeat this, play this tape over if I'm elected president," Sanders said. "And that is, if I am elected president I'm going to cut prescription drug costs in this country by 50 percent so that we are not paying any more than other major countries are paying."

"The five major [pharmaceutical] companies made 50 billion dollars in profits last year," Sanders said. "They pay their CEOs outrageous compensation packages. If they don't like that, then we'll take a look at their patents."



https://www.realclearpolitics.com/v...ill_cut_prescription_drug_prices_in_half.html


Additional reading:

https://www.vox.com/science-and-health/2016/11/30/12945756/prescription-drug-prices-explained
(on the current distortion of pricing incentives and the possibility of lower investment and innovation in the case of price regulation)

https://www.scientificamerican.com/article/how-the-u-s-pays-3-times-more-for-drugs/
(on why the United States pays considerably more for core medications than in comparably wealthy price-regulated countries in Europe)

https://www.washingtonpost.com/news...r-drugs/?noredirect=on&utm_term=.40273472a184
(on the responses from and within the pharmaceutical industry)

What is your opinion?

 

[Bamboozled]

This man is so lost on why patents are important in a competitive marketplace. We are struggling with intellectual property right now in a myriad of fields. Lets just create an even bigger problem where we can't have oversight. Brilliant.

 

[floivanus]

Nevermind, you’re right. No IP, no patents, free market and cheap knockoffs for all

 

[floivanus]

What is your opinion?

Whatever the Bern tells him

 

[Ornife]

Whatever the Bern tells him

The additional readings in the OP discuss the potential issues though.

Seemed like a very balanced post.

 

[7437]

Nice. If they want government protection, they should be required to price reasonably.

 

[3DayFunk]

That right there is why the Dems scuttled his last campaign

 

[japman40]

Good thread @Trotsky, good follow up articles as well.

"But it’s a conversation that America’s exceptionally high drug prices are forcing us to consider, as drug prices skyrocket — and one in four Americans report trouble paying for their prescription drugs.

Are we, as a country, comfortable paying higher prices for drugs to get more innovation? Or would we trade some of that innovation to make our drugs more accessible to those of all income levels?"

I would say yes, I would be ok with cheaper medication cost if it meant less innovation. The other countries will have to pick up the slack, and our universities have been doing a good job with research as well. What good Is a new drug if you can't afford it?

 

[bobgeese]

Can someone explain how the government, on a whim, can just decide to invalidate a patent?

I’m not a lawyer, but

 

[xcvbn]

Can someone explain how the government, on a whim, can just decide to invalidate a patent?

I’m not a lawyer, but

Who do you think spends the time and resources enforcing patent law? The drug companies are fleecing Americans in taxes through the burden they put on our court systems, and also at the pharmacy through absurdly high drug prices.

It's the same with the oil companies. They benefit greatly from our public resources and they still receive tax breaks and subsidies.

These types of companies should really receive a lot of flack from right and left libertarians. If they want the protection of the federal government they should have to pay for it by either lowering costs for Americans or through higher taxes.

 

[dfoster]

Lol, typical socialist bullshit. The state just does whatever it wants

 

[xcvbn]

Lol, typical socialist bullshit. The state just does whatever it wants

Like using the military as PMC's for corporations?

Like handing farmers welfare because your tariffs have put them out of business?

Like giving an Islamic extremist regime nuclear technology?

Like recognizing the illegal annexation of land as legitimate?

Like staging another coup in Latin America?

Like appointing officials to position that they're wholly unqualified for?

 

[bobgeese]

Who do you think spends the time and resources enforcing patent law? The drug companies are fleecing Americans in taxes through the burden they put on our court systems, and also at the pharmacy through absurdly high drug prices.

It's the same with the oil companies. They benefit greatly from our public resources and they still receive tax breaks and subsidies.

These types of companies should really receive a lot of flack from right and left libertarians. If they want the protection of the federal government they should have to pay for it by either lowering costs for Americans or through higher taxes.

I’m not arguing with your points here.

I’m asking a legal question.

How does the government go about invalidating a patent?
Surely this could open up a very nasty can of worms.

 

[PEB]

Can someone explain how the government, on a whim, can just decide to invalidate a patent?

I’m not a lawyer, but

The issue is that it's easy to have an issue to what he is saying but remember the US tax payer pays billions in research money to Colleges that do early stage research on prescription drugs. Many of these get acquired by the company that get converted into drugs that are sold to the Public. In fact one of the biggest admitted that they cannot go it alone when developing drugs to treat many different illnesses people face and they depend on NIH funding to bringing early stage research towards that end.

Companies tend to target treatments with the greatest bang for the buck that also impacts the largest group but there are many illnesses that go without major research from these large corporation because they feel the return is just not worth it so they rely on Government grant money to prop up research into these illnesses. So is Bernie completely right in his thoughts maybe not completely but not completely wrong ether like many things it tends to be in the middle.

 

[Sakurabaism]

Hmmm I don't know about this. But I like that he's going to cut subsidies for big corporations and offering loans to start-ups.

 

[floivanus]

Who do you think spends the time and resources enforcing patent law? The drug companies are fleecing Americans in taxes through the burden they put on our court systems, and also at the pharmacy through absurdly high drug prices.

It's the same with the oil companies. They benefit greatly from our public resources and they still receive tax breaks and subsidies.

These types of companies should really receive a lot of flack from right and left libertarians. If they want the protection of the federal government they should have to pay for it by either lowering costs for Americans or through higher taxes.

Again, why I started to write out a post, and said “you’re right, no IP protection or patent laws, cheap knockoffs for everyone” government shouldn’t be doing any business any favors.

Good thread @Trotsky, good follow up articles as well.

"But it’s a conversation that America’s exceptionally high drug prices are forcing us to consider, as drug prices skyrocket — and one in four Americans report trouble paying for their prescription drugs.

Are we, as a country, comfortable paying higher prices for drugs to get more innovation? Or would we trade some of that innovation to make our drugs more accessible to those of all income levels?"

I would say yes, I would be ok with cheaper medication cost if it meant less innovation. The other countries will have to pick up the slack, and our universities have been doing a good job with research as well. What good Is a new drug if you can't afford it?

One of the biggest medications people have issues with paying for (and one of the biggest burdens on our healthcare system) is insulin, now speaking about type 2 diabetics here, there is great evidence suggesting that it is caused by, and can be relieved thru, diet issues and dietary changes. The medical establishment holds steady on the notion that type 2 diabetes is incurable and relief from it can only come thru a lifetime of medication; in that case, there should be a push on further research into curing diabetes thru alternative pathways and not lifelong medical expense.

The additional readings in the OP discuss the potential issues though.

Seemed like a very balanced post.

If you look at his avatar he has equipped the protection of his diety that he believes will protect him from 4 more years of the Trumpinator

 

[Beechwood]

I don't know if that is a good idea or not.

I'd like to see lower drug prices along with lower medical costs. We do pay considerably more for medical services in America compared to other countries. Drug prices and drug mark ups by hospitals are an issue needing attention. There are various ways to bring about better, lower drug and medical prices.

The way Sander's wants to cut drug prices by 50% right away and do away with patents has me thinking that we will see drug shortages. Most likely drug firms will stop selling or limit the amount of drugs sold in America. Just a guess.

 

[Cuauhtemoc]

I’m not arguing with your points here.

I’m asking a legal question.

How does the government go about invalidating a patent?
Surely this could open up a very nasty can of worms.

I'm going out on a limb here but I don't think the executive can do that...he would need congressional support. Trotsky can probably explain better.
Back in the early 2000s, Lula of Brazil broke the patent of a few HIV drugs, it lowered the cost of the treatment but it caused retaliation of some drug companies and the shortage of some drugs. I don't think it was a good strategy, but the USA, of course, has a lot more leverage.