Arrr, Biden’s daft scheme to make all our clever ideas belong to the crown! Aye, good luck with that!
2024-03-01
Arr matey! The scurvy dogs in the Biden crew be tryin' to plunder the treasure of American innovation by settin' prices on any product tied to government research. 'Tis like they be wantin' to hoist the Jolly Roger on our hard-earned booty! Aye, 'tis a treacherous plot indeed! Arr!
The Biden administration has unveiled a radical proposal to reshape America's innovation economy by imposing price controls through federal research dollars and reinterpreting the Bayh-Dole Act of 1980. This attempt to hold private industry hostage is seen as a power grab by the ideological left within the administration. Bayh-Dole, credited with launching the modern American innovation economy, aligned private-sector profit with the public good by allowing ownership and licensing of patents from federally funded research.The provision in Bayh-Dole that progressive activists want to use against private industry is the "march-in" authority, which allows the government to take over a patented product under specific circumstances, including if the price is deemed "unreasonable." The Biden administration wants to dictate prices through this provision, potentially leading to the nationalization of discoveries from federally funded research institutions.This proposal strays from fundamental capitalist principles and distorts the original intent of Bayh-Dole. The administration's move not only affects economics but also undermines property rights, sacrificing them for a broader progressive agenda that includes assessing companies' commitment to collective bargaining and diversity quotas.