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November 30, 2003
166 Economists
Derek Lowe's excellent Drug Discovery Blog has pointer to an open letter to Congress that is signed by 166 economists. In a nutshell, they point out the danger to society if price controls are imposed on the pharmaceutical industry. Here's the key paragraph:
"We are deeply concerned about proposed legislation to remove pharmaceutical companies' ability to control the importation of their products. The goal of this legislation will be to reduce prices in the American market by imposing other nations' price controls on us. If this attempt succeeds, American consumers would get the short-term windfall of lower prices, but they would end up unnecessarily suffering and living shorter lives -- because promising new therapies would be delayed or not even developed. Even the threat of price controls reduces the incentive to develop new drugs."
You can read the whole letter here on Tech Central Station.
Posted by Dave at November 30, 2003 09:10 AM
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