Medical Innovation Act of 2024
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Summary
The Medical Innovation Act of 2024 authorizes the federal government to assess supplemental payments on pharmaceutical manufacturers that have entered into settlement agreements for violations of federal law and have blockbuster drugs (generating at least $1 billion in annual sales) developed with federal research funding. The payment amount ranges from 0.75% to 1.5% of the manufacturer's net income, multiplied by the number of qualifying drugs, with collected funds directed to increase congressional investments in medical research. The bill establishes procedures for identifying covered manufacturers, publishing payment information, and collecting these supplemental payments annually.
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