September 18, 2023
Democrat US Senator Chuck Schumer says, congressional Democrats are trying to come up with a law to prevent the patent system from being used to raise drug prices. Schumer says this is done to make things like Insulin, more expensive. “Insulin was invented by a Canadian doctor named Banting in 1921,” Schumer said late last week during a telephone call with AARP and New York State residents. “He was a very charitable guy, and he sold the patent for one dollar, so that insulin wouldn’t cost much. So how did it end up costing $500, $600, $700 or $800? They (drug companies) try to come up with a new patent that’s the same drug, but they just dot an i, cross a t, a little differently. That is one of the things we hope to change in the next coming congress: the way that drug companies abuse the current patent system.”
