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.
Senior Fellow Ivan Eland appears on RTs CrossTalk program to discuss topics surrounding the US Patriot Act and whether or not Edward Snowden was a hero or a traitor. On a panel with other defense analysts, the US war against terror is debated. The panel discusses whether or not the US government is violating the constitutional rights by collecting metadata of phone calls and emails of US citizens.
Research Fellow William J. Watkins, Jr., author of Patent Trolls, appeared on the Steve Malzberg Show on Newsmax TV. Watkins talks about patent trolls, who are costing billions to the US economy by filing lawsuits against innovators. The result of these lawsuits slows the process of new technology and stifles innovation.
Research Fellow William J. Watkins, Jr. appeared on XMSatellite radios Innovation Navigation show to talk about his new book Patent Trolls: Predatory Litigation and the Smothering of Innovation. The cost of patent trolls is staggering, both in terms of lost work and in court costs and attorney fees. The outmoded patent system in the US is discussed, including proposals for reforming the patent system.