Free Market Drug Act - Establishes the National Institute for Biomedical Research and Development to provide for the development of drugs, biological products, and devices to: (1) increase the number and medical efficacy of drugs, biological products, and devices on the market; and (2) make the drugs, biological products, and devices available to the public at reasonable prices.
Requires the Director of the Institute to: (1) monitor the results of certain research to identify discoveries that, if subjected to appropriate research and development activities, may be suitable for approval by the Food and Drug Administration (FDA) as drugs, biological products, or devices for use in humans (candidate discoveries); (2) identify candidate discoveries and carry out appropriate research and development regarding such discoveries; (3) establish, review, and revise a plan for the development, testing, and manufacture of candidate discoveries through the Institute; (4) establish priorities among candidate discoveries; and (5)) maintain an Internet site to make available to the public information on activities under this Act.
Allows the Director to identify a discovery as a candidate discovery only if the Federal Government holds, or can reasonably be expected to obtain, a patent on the discovery. Prohibits the Director from transferring ownership of such patent to any non-Federal entity.
Allows civil suits to protect Federal ownership of patents.
Requires the Director to: (1) grant non-exclusive licenses for the commercial marketing of FDA-approved candidate discoveries; (2) establish Federal laboratories to carry out this Act; and (3) establish a fund to provide cash awards for making significant advances in knowledge regarding a disease, disorder, or other health condition.