Video: The Patent Problem Making Drugs So Expensive

The price of prescription drugs is sky high in the United States. Medicine that patients need to fight cancer or diabetes can cost up to tens of thousands of dollars. How is this possible? Pharmaceutical companies have found a way to exploit outdated patent laws to lock their competitors out of the market and keep prices sky high.

The U.S. patent system was originally meant to help inventors and promote the progress of science and innovation. But some pharmaceutical companies have figured out how to extend or amend their patents. That means other companies can’t make lower-cost generics or biosimilars without risking costly lawsuits.

Learn more about the real solutions that would increase competition, protect innovation, and help lower drug prices by listening to Episode 10 of Red Tape: You Stepped On My Patent.

Transcript:

Medical debt is a huge problem in the United States with Americans racking up nearly $50 billion in unpaid medical bills. Part of the problem is the price of prescription drugs, medicine that patients need to fight cancer or diabetes can cost up to tens of thousands of dollars.

How is this possible?

Pharmaceutical companies have found a way to exploit outdated patent laws to lock their competitors out of the market and keep prices sky high.

The U.S. patent system was originally meant to help inventors and promote the progress of science and innovation, but some pharmaceutical companies have figured out how to extend or amend their patents.

That means other companies can’t make lower cost generics or biosimilars without risking costly lawsuits.

How do we fix this?

There are three ways we can protect innovation in the prescription drug market while keeping prices reasonably low for patients.

First, rework how the US gives out patents. Second, stock companies gaming the system through patent thickets and product topping. Lastly, strengthen the patent trial and review board and give them more time to review patents. To learn more about these real solutions that would increase competition and help lower drug prices, visit https://www.rstreet.org/issues/patent.