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The Importance of Competition and the Marketplace in Biopharmaceutical Innovation
Forbes ^ | 02/22/2012 | John LaMattina

Posted on 02/22/2012 7:32:29 AM PST by writer33

Presidential candidate Rick Santorum recently had an interesting exchange with a mother about the high cost of medicines. As reported by Ed Silverman on February 3rd on his Pharmalot blog, Santorum defended the right of biopharmaceutical companies to make a profit in order to fund R&D and to discover more innovative medications: “There are many people sick today who, 10 years from now, are going to be alive because of some drug invented in the next 10 years. If we say: ‘You drug companies are greedy and bad, you can’t make a return on your money,’ then we freeze innovation.” As is to be expected in an election year, Santorum’s remarks divided the populace, with ABC News running the headline: “Rick Santorum Tells Sick Kid Market Should Set Drug Prices.” Surely, this is a thorny issue but, when the hyperbole is removed, Santorum’s stance that the marketplace should be the arbiter of pricing and availability of new medicines is rooted in the fundamentals that allow the biopharmaceutical industry not just to operate but to innovate.

Santorum’s views reflect the current US healthcare system which differs from policies in Western Europe. Some argue that the US should get in line with other parts of the world, where governments regulate drug prices and determine whether people should even be allowed to have access to drugs that, while safe and effective, are deemed too expensive given the benefit they provide.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Government; News/Current Events
KEYWORDS: freemarket; healthcare

1 posted on 02/22/2012 7:32:34 AM PST by writer33
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To: 50cal Smokepole; Allegra; AZ .44 MAG; Blood of Tyrants; Clint N. Suhks; Cyber Liberty; ...

For those interested.


2 posted on 02/22/2012 7:33:14 AM PST by writer33 (Mark Levin Is The Constitutional Engine Of Conservatism)
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To: writer33

totally true


3 posted on 02/22/2012 7:34:18 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: writer33

In simple terms.

Why would drug makers bother to innovate if the have a mandated market?


4 posted on 02/22/2012 7:40:04 AM PST by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: writer33
The only way to have competition and innovation in the pharmaceutical industry is to abolish the FDA.

The sole purpose of the FDA is to grant crony monopolies.

People regularly move back and forth between the FDA and industry to grease the skids for their products, and grease a few palms along the way.

5 posted on 02/22/2012 7:41:26 AM PST by E. Pluribus Unum (Government is the religion of the fascists.)
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To: writer33

Of course! Competition is the backbone of our economy, in
the real world!


6 posted on 02/22/2012 8:07:42 AM PST by LUV W (This space reserved for a hero............my AF son........)
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