August 21, 2018
Elizabeth Warren recently unveiled a plan for the pharma industry. Noting that a substantial number of pharmaceutical companies have paid multi-billion dollar fraud settlements, Senator Warren has introduced a bill called the Medical Innovation Act, which would require pharma companies to pay into a medical research fund any time they settle a fraud-related scheme.
The Massachusetts Senator has long been known for standing up for consumer rights against corporate wrongdoing. Warren notes that Pharma profits often rely on research initially funded by the federal government. It’s only fair then, she proposes, that when these manufacturers violate the rules in pursuit of greater profits, they pay into a fund that goes back into the research mechanisms that made them rich in the first instance.
“It’s like a swear jar,” Elizabeth Warren colorfully notes of her pharma plan.
Whenever a huge drug company that is generating enormous profits as a result of federal research investments gets caught breaking the law and wants off the hook, it has to put some money in the jar to help fund the next generation of medical research. Instead of letting companies that break the law get off with a slap on the wrist, the Medical Innovation Act will make sure that they pay up in a way that really makes a difference. A difference to the health of all Americans, and a difference to all of the company’s competitors who are playing by the rules.
We are glad to hear that the Senator is making health care fraud part of her campaign. We welcome political leaders of all parties to make serious efforts to combat fraud against the government.