A solution for elimination private ownership of medical patent would result in cheaper medical drugs and innovation in medical field. Feel free to leave your comments and your solutions at bottom of article.
We would like to share a solution proposed by Aidan Hollis .
Because pharmaceutical markets are dysfunctional, the patent system does not effectively stimulate drug research and development. Instead, it induces large amounts of research into drugs with little incremental therapeutic value, while providing inadequate incentives to innovate in really novel areas. At the same time, patents result in high prices which exclude many users from access to potentially life-saving therapies. In this paper, I propose a novel reward system for pharmaceutical innovation, in which innovators are rewarded based on the incremental therapeutic benefits of their innovation. This would
align innovators’ incentives with social objectives, and lead to the best possible allocation of research investment. With rewards paid directly to innovators, patents could be compulsory licensed to enable competitive pricing, thus solving problems of drug access. Government expenditures on rewards could be largely funded through reduced expenditures on patented drugs, and pharmaceutical innovators could continue to earn a healthy return on their investments.
source:An Efficient Reward System for Pharmaceutical Innovation, Aidan Hollis, Department of Economics, university of Calgary, Institute of Health Economics Draft - Most recent version at http://econ.ucalgary.ca/hollis.htm url ink
Each year type 1 diabetes costs 14.4 billions of dollars in mdecal costs and lost income. source: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2901386/