H.R.1672 - Maintaining Investments in New Innovation Act (119th Congress)
Summary
H.R.1672, the "Maintaining Investments in New Innovation Act," aims to amend Title XI of the Social Security Act to protect access to genetically targeted technologies. The bill modifies the definition of a "qualifying single source drug" to include advanced drug products that utilize genetically targeted technologies, extending the exclusivity period for these drugs to 11 years. This extension is intended to incentivize investment and innovation in this area of drug development.
Expected Effects
The primary effect of this bill would be to extend the market exclusivity period for certain advanced drugs that incorporate genetically targeted technologies. This could lead to increased investment in the development of these drugs, potentially resulting in new treatments for diseases. However, it could also delay the availability of generic versions, potentially increasing drug costs for consumers in the short term.
Potential Benefits
- Increased Investment in Drug Development: The extended exclusivity period could incentivize pharmaceutical companies to invest more in the research and development of genetically targeted technologies.
- New Treatments for Diseases: This could lead to the development of new and innovative treatments for diseases that are currently difficult to treat.
- Economic Growth: The pharmaceutical industry is a significant contributor to the US economy, and this bill could help to stimulate growth in this sector.
- Global Competitiveness: By incentivizing innovation, the bill could help to maintain the US's position as a leader in the development of new drugs and technologies.
Potential Disadvantages
- Increased Drug Costs: The extended exclusivity period could delay the availability of generic versions of these drugs, potentially increasing drug costs for consumers.
- Reduced Access to Affordable Medications: Higher drug costs could make it more difficult for some people to afford the medications they need.
- Potential for Abuse: The definition of "advanced drug product" could be interpreted broadly, potentially allowing pharmaceutical companies to extend the exclusivity period for drugs that do not represent significant innovation.
- Impact on Healthcare System: Increased drug costs could put a strain on the healthcare system, potentially leading to higher insurance premiums or reduced coverage.
Most Disadvantaged Areas:
Constitutional Alignment
The bill appears to align with the general welfare clause of the Constitution (Preamble), as it aims to promote the development of new treatments for diseases. Congress has the power to legislate in areas related to healthcare and drug regulation under the Commerce Clause (Article I, Section 8). The bill does not appear to infringe on any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).