S.4040 - Public Research in the Public Interest Act of 2006109th Congress (2005-2006)
|Sponsor:||Sen. Leahy, Patrick J. [D-VT] (Introduced 09/29/2006)|
|Committees:||Senate - Judiciary|
|Latest Action:||09/29/2006 Read twice and referred to the Committee on the Judiciary.|
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Summary: S.4040 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in Senate (09/29/2006)
Public Research in the Public Interest Act of 2006 - Requires, as a condition of receiving federal assistance, any institution of higher education or research that conceives, reduces to practice, or holds title in a subject invention to grant irrevocable, perpetual, nonexclusive licenses to the invention and associated rights to any party requesting such a license pursuant to this Act. Provides that licenses shall be issued for: (1) supplying medical products to countries with low-income or lower-middle income economies; or (2) conducting neglected research anywhere, royalty-free. Provides that such licenses shall be part of the institution's title in a subject invention. Makes a license under this Act irrevocable and perpetual so long as the licensee submits to the licensor payment of a fair royalty on sales of any medical product within 90 days.
Deems a party as automatically receiving the license requested upon submitting the required information to the Food and Drug Administration (FDA). Sets forth procedures for objections to the grant of a requested license.
Requires the holder of title or any license in a subject invention to notify the FDA of any grant or license of rights in that invention.