From the JMBzine vault – October 19, 2001 – NYT on Bankruptcy & Drug Patent laws

From the NY Times:

• Canada Overrides Patent for Cipro to Treat Anthrax – I understand the reluctance of the US to overide a patent (It would discourage drug companies to invest in research.), but I think this would fall into an “eminent domain” issue. The government should take the patent from the company that holds it because of the national security issue, BUT pay the drug company the fair market value of the patent. This would cost billions of dollars, but I think it would be worth it. (and the US could recoup some of the cost by licencing the patent back to the original patent holder and the generic drug manufacturers at a reasonable price) (2023 update: My views on this have evolved. I wouldn’t necessarily say that the payment should be a “fair market value,” because I don’t think that the market shouldn’t be setting drug prices.)
• Bill to Alter Bankruptcy Seems to Stall: A bill that would have made it more difficult for consumers to dismiss their debts by filing for bankruptcy has effectively been pushed aside in Congress. – I’m glad to see this happen. The Bankruptcy laws as they were being rewritten, were a bad, bad situation for the poor and middle-class in America. (2023 Update: Bankruptcy “reform” eventually did happen, as #BAPCPA, or as I liked to call it BARF (Bankruptcy Abuse Reform Fiasco).