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Medical Innovation Act 2024: Boosting Medical Research Funding

This new act aims to increase funding for medical research. Pharmaceutical companies with high profits that have entered into legal settlements for violations will be required to pay additional fees. These collected funds will be used to develop new drugs, therapies, and support young scientists, potentially improving access to innovative treatments.
Key points
Large pharmaceutical companies with high profits and past legal settlements (e.g., for fraud, regulatory violations) will pay additional fees.
Funds from these fees will go to research agencies like FDA and NIH to finance urgent medical research.
Research will focus on diseases with inadequate treatments, chronic conditions, and supporting early-career scientists.
The act intends to supplement, not replace, existing federal medical research funds.
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Additional Information
Print number: 118_HR_10238
Sponsor: Rep. Schakowsky, Janice D. [D-IL-9]
Process start date: 2024-11-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Medical Innovation Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10238.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-11-21.

What are the main provisions?

Key points include:

  • Large pharmaceutical companies with high profits and past legal settlements (e.g., for fraud, regulatory violations) will pay additional fees.
  • Funds from these fees will go to research agencies like FDA and NIH to finance urgent medical research.
  • Research will focus on diseases with inadequate treatments, chronic conditions, and supporting early-career scientists.
  • The act intends to supplement, not replace, existing federal medical research funds.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schakowsky, Janice D. [D-IL-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Energy and Commerce.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Health Public Investments