• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

Kamala Harris should prosecute Big Pharma, not bail it out

by October 7, 2024
written by October 7, 2024

With less than six weeks before the election, Vice President Kamala Harris has been striking a populist tone, especially when it comes to taking on Big Pharma in her stump speeches. At a recent campaign rally, she touted her tie-breaking vote to pass the Inflation Reduction Act, which granted Medicare the ability ‘to go toe-to-toe with Big Pharma and negotiate lower drug prices.’ 

And to great fanfare, just before the Democratic National Convention, the White House announced that the first round of those drug price negotiations would save taxpayers a cool $6 billion – a major win for the American taxpayer.  

Yet at this very moment, the Biden-Harris administration is quietly pushing for a multi-billion-dollar bailout of one of the nation’s largest and wealthiest drug companies – a bailout that would be funded by those same taxpayers.  

The proposed bailout revolves around a patent infringement lawsuit. Arbutus and Genevant Sciences, two small biotech companies, allege that Moderna stole their patented lipid nanoparticle technology, which proved critical in developing Moderna’s mRNA vaccine for COVID-19. 

Though the case is yet to be decided, the U.S. Patent and Trademark Office and Federal Circuit Court of Appeals have already determined Arbutus’ patents to be valid, despite Moderna’s attempt to invalidate the patents before the pandemic. Given the stakes of this case, court-ordered damages could reach $3 billion, according to some analysts. 

While this may appear to many as an obscure issue of corporations battling it out over patent infringement, there are serious ramifications for taxpayers here as well.  

In a rare statement of interest filing, Department of Justice officials recently argued that due to an obscure federal law dating back to World War I, Moderna is excused from any patent infringement that may have occurred during Operation Warp Speed, the historic federal campaign to support COVID-19 vaccine development. If that’s the case, the lion’s share of the financial penalty for Moderna’s potential wrongdoing will fall on U.S. taxpayers.  

The law, known as Section 1498, essentially states that the government will compensate an inventor for patent infringement if the technology in question is ‘used or manufactured by or for the United States.’  

In times of great national need, the government may decide they need niche technology at a scale that the original patent-holding manufacturer can’t provide. The law absolves the larger manufacturer from having to worry about licensing the patent from the original patent-holder or deal with the patent-holder taking them to court for infringement. 

Put more simply, Section 1498 is similar to eminent domain, but rather than letting the government seize private land, it allows the government to seize patented inventions in emergencies and retroactively compensate the patent holders. 

Here’s where the DOJ’s argument falls short, as Moderna’s infringement clearly should not be covered by Section 1498. The government never asked them to infringe on the intellectual property of anyone else and never authorized widespread production of Moderna’s COVID-19 vaccine by other companies due to manufacturing capacity issues.  

And critically, the vaccines in question weren’t used exclusively or even primarily by the U.S. government – meaning military service members or other federal employees – but were instead distributed to regular Americans like you and me.  

Yet at this very moment, the Biden-Harris administration is quietly pushing for a multi-billion-dollar bailout of one of the nation’s largest and wealthiest drug companies – a bailout that would be funded by those same taxpayers.  

‘By or for’ government use has always been understood to mean that the U.S. government is the end user of the product in question – for instance, a patented technology that’s appropriated for U.S. military use – not that it’s merely a purchaser. Objectively, the U.S. government was merely one buyer among many purchasers of the vaccines – including many foreign governments and other foreign state-owned companies.  

If the court overseeing the case accepts the DOJ’s interpretation of Section 1498, it will set a precedent that companies that merely sell to the government, among other customers, are immune from patent infringement lawsuits. That result would be disastrous for our economy and a boon to wrongdoers. 

Patents encourage innovation and risk-taking by enabling anyone with a novel idea to turn it into a real-world product – without bigger, entrenched rivals stealing it. Allowing huge corporations to essentially steal patented technology from small upstarts is the opposite of standing up for the little guy. It’d greatly disincentivize investments in research and development. 

Harris has a strong history of standing up for the ‘little guy’ going back to her early years as a prosecutor and San Francisco District attorney. The vice president should continue that legacy and make clear that in a Harris administration, large corporations will be held accountable if found responsible – a winning message in the final campaign stretch.  

This post appeared first on FOX NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Saving lives on ‘Death Street,’ how an Israeli kindergarten teacher became a battlefield hero on October 7
next post
Women for Trump, Goya team up to provide relief to Hurricane Helene victims in Georgia

related articles

Recess on ice as Republicans hunker down for...

August 1, 2025

Trump moves nuclear submarines weeks after praising sub’s...

August 1, 2025

WATCH: Trump says he is hopeful Hillary Clinton...

August 1, 2025

Iran says it has ‘plenty of scientists’ left...

August 1, 2025

Trump endorses ‘MAGA warrior’ for RNC chairman after...

August 1, 2025

Trump repositions 2 nuclear submarines after ‘highly provocative’...

August 1, 2025

Kavanaugh cites 3 presidents in explaining Supreme Court’s...

August 1, 2025

China’s growing nuclear arsenal aims to break US...

August 1, 2025

Trump ally Bukele’s party amends El Salvador constitution...

August 1, 2025

Trump takes jab at GOP senator, urging Republicans...

August 1, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • EXCLUSIVE: White House rolls out implementation of AI for federal employee records

    April 9, 2025
  • Putin welcomes Iran, India, China to BRICS Summit to discuss ‘new world order’ to challenge the West

    October 24, 2024
  • Black Caucus chair accuses Trump of ‘purge’ of ‘minority’ federal workers

    January 31, 2025
  • Sen Mitch McConnell announces he will not run for re-election

    February 20, 2025
  • US Ambassador to Ukraine Bridget Brink to step down amid high-stakes war diplomacy

    April 11, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,602)
  • Investing (634)
  • Stock (867)

Latest Posts

  • Apple boosts U.S. investment plans with $500 billion pledge amid Trump tariff threat

    February 24, 2025
  • Jimmy Carter’s funeral will bring all five living presidents together in Washington, D.C.

    January 9, 2025
  • President-elect Trump announces Pam Bondi as his new pick for US attorney general

    November 22, 2024

Recent Posts

  • Political strategists lay out how Trump should kick off his 4-year term

    March 4, 2025
  • Obama-nominated judge allows lawsuit targeting Musk’s role with DOGE to proceed, drops claims against Trump

    May 28, 2025
  • Kash Patel flips script on Dem senator after being grilled on J6 pardons: ‘Brutal reality check’

    January 30, 2025

Editor’s Pick

  • Poland calls on US to place nukes within its borders amid Russia threat

    March 13, 2025
  • 4 of the biggest clashes between Patel, Senate Dems at his confirmation hearing

    January 31, 2025
  • Rheinmetall, BAE Systems and other European defence stocks surge as leaders push for higher military spending

    March 3, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock