Jo Walton: The Spearpoint Theory: The Dyer of Lorbanery: Weekend Reading

I am swinging around to the position that private pharmaceutical companies have no role in a well-functioning health-care system. The efficiency losses from private property in what is a public good plus a few cents' worth of ingredients are enormous. And the efficiency loss from behavioral grifts on patients by drug companies appear to me to be likely to be even greater. So I am on the point of condemning Michael Kades's aggressive pharmaceutical competition agenda as an inadequate halfway house:

Michael Kades: To Combat Rising U.S. Prescription Drug Prices, Let’s Try Competition: "Let’s look at the variety of problems with anti-competitive practices engaged in by U.S. pharmaceutical companies. Take ViroPharma Inc. When faced with the possibility that the U.S. Food and Drug Administration would approve generic versions of its Vancocin product (a drug to treat a potentially life-threatening gastrointestinal infection), the company filed 43 petitions to delay or prevent generic approval. Although none were successful on the merits, it took years before the FDA approved any generic competitors. The Federal Trade Commission alleged the strategy increased costs by hundreds of millions of dollars...


#noted

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