Stiglitz provides the idea of prizes instead of patents to be awarded in order to further advance solutions to global problems such as AIDS.
[1] Stiglitz goes on to assert that until generic versions of drugs reach the shelves, which occurs after a patent expires, the costs burden consumers due to prices not being dictated by the markets.
The two bills proposed on May 26, 2011 by Senator Bernie Sanders would completely remove legal barriers to the manufacture and sale of generic drugs.
[5] In a statement made at a subcommittee meeting, Senator Sanders said, "It simply blew me away — and would blow anyone’s mind away — that one drug, Atripla, costs $25,000 per year".
This means that a percentage of the prize money from the innovation funds would go to those persons or communities that allow access to knowledge, data, etc.
assert that the prize funds will give incentives for manufacturers to seek innovative treatments for illnesses and diseases that are more important to society.
In addition, they state that these funds will lower drugs prices, along with what they claim to be wasteful research and development costs.
[citation needed] Between 2000-2007 certain groups put $250 million into technologies that range from robotic arms and tuberculosis tests, according to Brian Vastag of The Washington Post.
[6] According to the Global Intellectual Property Center, studies show that prizes are better at proving a concept than bringing concrete, useful technologies into existence.
[9] Another criticism made by the Global Intellectual Property Center is that prizes will never be enough to reward lucky breaks that have brought about the most important innovations.