Economy & Business, Government

Outrageous! Government Using Taxpayer Money to Rescue Moderna

Moderna CEO Stéphane Bancel is set to testify before the Senate’s top healthcare committee Wednesday as the federal government generously offers to bail his company out of a patent infringement lawsuit.

The purpose of Wednesday’s Health, Labor, Education and Pensions (HELP) Committee hearing is to question Bancel about drug prices after Moderna proposed quadrupling the price of its COVID-19 shot. Independent Vermont Sen. Bernie Sanders, HELP’s chair, and Republican Louisiana Sen. Bill Cassidy, the committee’s ranking member, have long advocated for lower drug prices.

The Biden administration’s entanglement with ongoing litigation related to patent infringement has received less attention than issue of vaccine pricing. Moderna is currently fighting off a lawsuit from Arbutus Biopharma and Genevant Sciences, a pair of small biotechnology firms that allege Moderna stole their technology to develop its COVID-19 vaccine. Read more…

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