Medical Innovation Act of 2024

The Medical Innovation Act of 2024 would require pharmaceutical companies that sell "covered blockbuster drugs" (drugs generating at least $1 billion in annual sales and developed with federal research funding) to pay supplemental fees based on their net income and certain legal settlements. The fees would range from 0.75% to 1.5% of net income, depending on settlement amounts, and would fund medical research through the FDA and National Institutes of Health. Collected funds would support innovative research on diseases with inadequate treatments, basic scientific research, and early-career scientist programs. This new funding mechanism would supplement, not replace, existing federal medical research investments. The bill specifies annual assessments with detailed reporting requirements for transparency.