|Medical Innovation Prize Fund
The Prize Fund Concept
The medical innovation prize fund is a creative proposal to lower the price of medicines while promoting the development of future cures.
How it works: Patents are issued for the development of new medicines just as they are now. However, instead of preventing competing manufacturers from producing the new medicine, patents make the patent holder eligible to receive payment from a large public fund for each of the next ten years. The amount of payment drug developers receive from the fund is based upon the level of medical benefit the new medicine provides. Basing payment on the amount of medical benefit will encourage more real medical breakthroughs and provide incentive for drug developers to ensure their discoveries get to the people who need them. By rewarding drug developers with direct payments rather than monopoly prices, competition will drive down the price of medicines. The medical innovation prize fund means society doesn't have to choose between developing cures for the future and making treatments affordable for the patients who need them today.
Nobel winning economist Stiglitz says medical innovation prizes
"would be more efficient and more equitable."
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