Michael Kremer's patent buyout proposal is designed to lower drug prices without decreasing the incentive to innovate and produce new drugs.

Question

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Michael Kremer's patent buyout proposal suggests buying out patents for drugs that have already been developed and are on the market in exchange for a lump sum payment to the patent holder. This would allow for generic versions of the drug to be produced at a lower cost, making it more affordable for consumers while still providing an incentive for pharmaceutical companies to continue developing new drugs. Therefore, the proposal aims to lower drug prices without reducing the incentive to innovate and produce new drugs.

Michael Kremer's Patent Buyout Proposal Is Designed to Lower Drug