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Angell dismisses the threat “Give us everything we want, or we might have to stop producing miracle drugs.” But medicines don’t spontaneously generate. Treating the industry as a public utility — remember the old monopoly phone company? — and controlling prices inevitably would discourage new drug development.
Nor can government planners or activist groups or medical journals conjure up the right drugs at the right prices. If they could, they would be doing so already. Market competition might not seem to be a great way of picking drug winners and losers, but politics is a worse way of doing so.
Pharmaceuticals, including generics, make up just ten percent of total health care spending — significant, but hardly the driving force in rising medical costs. In fact, hospital prices rose almost three times as fast drug prices last year. These medicines lengthen lives, improve the quality of life, and reduce hospitalization and surgery. Americans might prefer to pay less for their medicine. But they will be the biggest losers if they myopically kill the golden goose.p> Doug Bandow is a senior fellow at the Cato Institute. br> /p>
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?