Eshoo bill huge boon for Silicon Valley biotech
Buried in the giant health care bills in Congress is a multibillion-dollar bonanza for Silicon Valley’s biotechnology and venture capital industries, sponsored by Rep. Anna Eshoo, a Palo Alto Democrat.
The provision would grant “biologic” drugs, a new class of drugs based on gene splicing and grown in living cells, 12 years of protection from competition by the generic drug industry, in addition to their patents.
A scathing report by the Federal Trade Commission in June said no added protection, much less 12 years, was warranted, and warned that the Eshoo legislation would ensure sky-high drug prices and stifle innovation on the most promising frontier of medical research.
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