Public Investment Recovery Act of 2000

Summary

Public Investment Recovery Act of 2000 - Requires each transaction entered into by a Federal agency under which Federal support is provided for research and development which leads or may lead to the production and sale of a pharmaceutical, biologic, or genetic product to include provisions requiring that payments to recoup a portion of the agency's investment be paid annually to the Federal agency for deposit into a Public Investment Recovery Trust Fund established by this Act. Establishes a Public Investment Recovery Board to: (1) determine the total amount of profits for such a product; and (2) make calculations as required by this Act of the proportion of Federal support for research and development which lead to the production and sale of such a product. Prescribes a formula for determining the percentage of profits required to be paid. Provides for the expiration of payments on the expiration of the initial patent issued for such product. Allows: (1) not more than two percent of amounts in the Trust Fund to be used by the Food and Drug Administration or the National Institutes of Health (NIH) to support research and reports on the comparative efficiency and effectiveness of such products; (2) not more than 20 percent of amounts in the Trust Fund in the first five fiscal years after the enactment of this Act, and three percent in subsequent fiscal years, to be used to help pay the administrative expenses of carrying out this Act; and (3) not more than 20 percent of amounts in the Trust Fund to be used by NIH to support pharmaceutical, biologic, or genetic research and development, unless no Medicare prescription drug benefit has been enacted, in which case the remainder of the funds in such Fund may be used for a purpose authorized by this Act. Requires the remainder of such funds, if such a drug benefit has been enacted, to be used for the financing of such a benefit.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 June 2000

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• Introduced in House (PDF)

  Introduced in House · EN · 21 June 2000

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• Introduced in House

  summary · EN · 21 June 2000

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