Prescription Drug Patent Licensing Act

Prescription Drug Patent Licensing Act - Provides that whenever, upon complaint by a qualified applicant for a license under a drug patent, the Federal Trade Commission determines that such license application was not granted and that the price quoted to druggists by the patentee is more than 500 percent of the total cost of production, the Commission shall, after granting notice and the opportunity for a hearing, order the patentee (under penalty of patent cancellation by the Commissioner of Patents) to grant an unrestricted license to any qualified applicant to make, use, and sell such drug. Permits the Commission to delay the issuance of such order for up to five years to provide a fair return on the patentee's invested capital.