BOSTON (AP) — U.S. Sen. Elizabeth Warren is shifting her focus from Wall Street to the nation’s top pharmaceutical companies.
The Massachusetts Democrat next week will file a bill she says will help fund basic medical research by targeting drugmakers charged with breaking the law.
Warren’s bill would require that whenever a drug company enters into a settlement with the government, it must pay a portion of its annual profits over five years to support research at the National Institutes of Health and the Food and Drug Administration.
Warren said budget cuts to both agencies have choked off support for research that could lead to breakthrough treatments against cancer, heart disease, Alzheimer’s disease and other conditions.
A pharmaceutical industry group says Warren’s bill is misguided and “would result in fewer medicines for patients.”