Tabarrok has some doubts about politicization of the awards but comes down in favor. More details on the bill are here
This blog has posted about prizes before. They still seem like a good idea for drugs because of the wide public benefits.
Against Monopoly
defending the right to innovate
Monopoly corrupts. Absolute monopoly corrupts absolutely.
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Bill to foster drug development with prizes
Alex Tabarrok calls our attention to prizes as a means to foster innovation in drugs here. In this case, Bernie Sanders has introduced the Medical Innovation Prize Fund Act of 2007 which provides $80 billion a year to pharmaceutical companies to place their patents in the public domain, thus allowing anybody to make the drug. Drugs developed without patents would also be eligible for prize money.
[Posted at 10/25/2007 07:43 PM by John Bennett on Pharmaceutical Patents 
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IP is not a joke Couldn't it be used under the fair use
at 02/08/2010 03:22 PM by Bill Stepp
Goldman does in AIG, you, and me Predatory Lending is a major contributor to the economic turmoil we are currently
at 02/08/2010 03:07 PM by jmb27
Common Sense Seth - I'm not sure how your comment @ 5:57pm casts any illumination on your earlier position. If I
at 02/08/2010 02:03 PM by Justin Levine
Lessig: Congress is broken and Obama has failed Anon, state granted monopolies are effectively licenses for corporations to collect taxes on
at 02/08/2010 01:50 PM by Crosbie Fitch
Lessig: Congress is broken and Obama has failed It does seem strange to me that when we are faced with the possibility of a 23 trillion dollar
at 02/08/2010 01:18 PM by Anonymous
The Patent, Copyright, Trademark, and Trade Secret Horror Files Fred, I recognise that 'natural monopoly' may have a more specialised meaning for economists, and
at 02/08/2010 07:19 AM by Crosbie Fitch
Lessig: Congress is broken and Obama has failed Fred, I'm doing something immediately. I'm working on the Contingency Market. this is something
at 02/08/2010 06:53 AM by Crosbie Fitch
The Patent, Copyright, Trademark, and Trade Secret Horror Files @Crosbie: I agree *natural monopolies* do exist, despite any tendency for SK and Bill Stepp to shut
at 02/07/2010 10:21 PM by Fred McTaker
Lessig: Congress is broken and Obama has failed I thank John Bennett for this post, and for the quality of his posts here in general. I've been
at 02/07/2010 09:02 PM by Fred McTaker
IP is not a joke Well, thank *god* that people are looking out for the interests of the "We Are The World"
at 02/07/2010 07:10 PM by Scott Carpenter