|Leading policy-makers and scholars explain how market forces, deregulation, and consumer choice can work to improve health care for all Americans.||
Medical R&D Miracle
Bandow reminds readers why America leads the world in biopharmaceutical technology. Although they labor under enormous regulatory burdens, companies that operate in the U.S. are still allowed to profit more from their investments than anywhere else. Consequently,
Nearly $50 billion was spent last year in pharmaceutical and biotech research and development. The big drugmakers devoted $38.8 billion in finding new cures. A bevy of smaller biotech companies spent another $10.5 billion…America’s advantage is not that its citizens are smarter, better educated or nicer. Rather, America is freer. Despite manifold regulation by states as well as the federal government, it is still easier to conduct research, create products, and sell medicines in the U.S. than overseas. In contrast, Europe faces a full-scale scientific brain drain in many industries due to its stultifying economic environment.
The biggest threat to industry - and America’s position in the global economy - is from policymakers who want to inflict price controls or parallel importation on the goose that is laying the golden eggs.
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