Last week, The House passed legislation that aims to strengthen federal funds for biomedical research while also speeding up drug and medical-device approvals by the FDA. This comes after a long fought battle by the pharmaceutical industry.
In a recent article published in the Wall Street Journal, Thomas Burton writes:
“The measure also wraps in separate legislation that contains an extensive program to promote treatment of mental illness and would provide $1 billion to prevent and treat the national scourge of opioid addiction. These provisions helped to rally lawmakers from both sides of the aisle around the bill, which passed 392-26.”
It is hard to determine the exact impact of the bill. However, it will create great change in the pharmaceutical industry, including a faster drug pipeline, which has its pros and cons.
Some think that with drugs coming through the system faster, more competition will be created between drug makers resulting in lower prices. However, it is doubtful that this will prevent the current trend of dramatic price increases.
Read the full article, House Passes Health Bill to Speed Drug Approvals, Boost Biomedical Research, from the Wall Street Journal for more information.