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Big pharma executives defend patent system for research investment at House hearing

West Virginia Congresswoman Carol Miller says at a House Oversight and Reform Committee hearing on prescription drug pricing that many colleagues would have all believe that margin rights were necessary for the well being of the American public many governments could take back patents from drug companies, Bristol Myers Squibb CEO Giovanni Caforio answering that could chill innovation so intellectual property protection was one reason the industry could make low term investments in research and development, Teva Pharmaceuticals CEO Kare Schultz adding that was basically the foundation for innovation in pharmaceuticals him if there were no protection in 10 or 20 years of research and development of what it would undertake that risk because there would simply be no balance between risk and reward.
West Virginia Congresswoman Carol Miller says at a House Oversight and Reform Committee hearing on prescription drug pricing that many colleagues would have all believe that margin rights were necessary for the well being of the American public many governments could take back patents from drug companies, Bristol Myers Squibb CEO Giovanni Caforio answering that could chill innovation so intellectual property protection was one reason the industry could make low term investments in research and development, Teva Pharmaceuticals CEO Kare Schultz adding that was basically the foundation for innovation in pharmaceuticals him if there were no protection in 10 or 20 years of research and development of what it would undertake that risk because there would simply be no balance between risk and reward.
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Restrictions:
Editorial Use only. May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing or cast discredit or dishonor any member of the House or bring the House or any Member into disrepute. Contact your local office for all commercial or promotional uses.
Credit:
FedNet / Getty Images
Editorial #:
1278030717
Collection:
FedNet
Date created:
September 30, 2020
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License type:
Rights-ready
Release info:
Not released.ÌýMore information
Clip length:
00:01:04:17
Location:
Washington, DC, United States
Mastered to:
QuickTime 8-bit H.264 HD 1280x720 30p
Source:
FedNet
Object name:
hov093020m