Want a Happier, Healthier, and More Prosperous Society? Try Freedom, Innovation and Incentives »

“I will promote freedom at all costs,” is the first line of the Draper University pledge. Draper University of Heroes is a school I created to encourage people with ideas and energy to pursue their visions through entrepreneurship and risktaking. For an entrepreneur, freedom matters most. The ability to try new things without government...
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American Patients Can Access Far More New Cancer Drugs than Others Can »

New research by scholars at the University of Pittsburgh shows that American patients have significantly better access to new cancer medicines than their peers in other developed countries: Of 45 anticancer drug indications approved in the United States between January 1, 2009, and December 31, 2013, 64% (29) were approved by the European Medicines...
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The FDA Cannot Hire Staff with Starting Salaries of $160,000 »

Would a starting salary of just above $160,000 turn you off? Well, maybe if you had a scientific PhD and had to wait four months before the employer could decide whether to hire you or not, you would find a spot elsewhere. This is the situation the Food and Drug Administration finds itself in,...
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Good and Bad News on Generic Drug Approvals »

A solution to expensive patented medicines is generic competitors. The United States has struck a pretty good balance between innovation and low prices through the Hatch-Waxman (1984) Act, which specified patent terms for newly invented medicines, and a pathway for generic competitors to enter the market after a period. One obstacle to generic entry...
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One Solution to the EpiPen Crisis: Repeal Durham-Humphrey! »

Posturing politicians on Capitol Hill conducted a hearing a few days ago during which they grilled Heather Bresch, CEO of Mylan N.V., maker of EpiPens. Prices of EpiPens have skyrocketed in the past few years (which I have discussed here and here). The politicians were more interested in wagging their fingers and tut-tutting at...
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Trumped on Health Care! »

Donald Trump does not want Chinese goods or Mexican workers to come into America. However, there appears to be one set of items he wants to cross our border, according to his Healthcare Plan to Make America Great Again: Remove barriers to entry into free markets for drug providers that offer safe, reliable and...
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Ten Percent of Cancer Drug Spending Is Wasted »

A remarkable study published in the BMJ concludes that $1.8 billion of the $18 billion spent on the 20 most expensive cancer drugs in the United States is wasted due to cunning marketing by drug-makers. Chemotherapeutic doses are often adjusted by body weight. However, the drugs are shipped in vials containing doses appropriate to...
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Shiller’s Irrational Faith in Government Regulation »

In a recent New York Times piece, economist Robert Shiller built an argument that was a non sequitur resting on two false premises. Specifically, Shiller argued: (Premise 1:) Economics courses teach students that market outcomes are “Pareto optimal.” (Premise 2:) In reality, market forces lead to systematic deception and manipulation of the public. (Conclusion:)...
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FDA Driving Drug Prices into Stratosphere »

BloombergBusiness has another story of a jaw-dropping price hike for a very old medical. In this case, Colchicine, a gout remedy so old that the ancient Greeks knew about its effects, used to cost about 25 cents per pill in the U.S. Then in 2010 its price suddenly jumped 2,000 percent. How did this...
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The Decline in R&D Efficiency in the Drug Industry »

Panel “a” in the graphic below shows that the number of new drugs approved by the U.S. Food and Drug Administration (FDA) per billion U.S. dollars spent on research and development (R&D) in the drug industry has halved about every nine years since 1950, in inflation-adjusted terms. This represents a decline in drug R&D...
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  • MyGovCost.org
  • FDAReview.org
  • OnPower.org
  • elindependent.org