What is the cost of the long approval process for potentially life-saving drugs by the FDA? The approval process can take up to 12 years and cost $1 billion. But there are other costs. Patients arent able to take drugs that arent approved and they might die or become more ill. Another cost is that a potential drug maker might not want to take the financial risk of taking a drug to market. Powell recommends testing drugs but possibly making drugs "FDA recommended", rather than "FDA approved." Whats needed is competition and markets to help patients and entrepreneurs, says Powell.
What will the economy be like in the New Year? Sr. Fellow Benjamin Powell appears on Fox Business Network's "The Independents" show to give his impressions of the deficit, bureaucracies, and economic recovery. Powell talks about long term trends and says Big Government policies are effecting the outlook and the "New Normal" in the economy.
Senior Fellow Benjamin Powell appears on the Fox Business Channels Stossel show, recorded in Las Vegas, during FreedomFest.
Powell discusses the valuation of US currency, the economic constant of greed, and the gold standard among other topics.