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 Vice President Mary Theroux is interviewed on radio station KOGO in San Diego to talk about the latest on California's Maximum Family Grant rule for families on welfare. She discusses the underlying reasons why children are born into poverty and the difficulty of breaking the cycle of poverty.
Sr. Fellow John R. Graham appeared on the Larry Conners USA radio show to talk about the failings of the Affordable Care Act and how it is costing people more money than originally thought. Graham also discusses the upcoming U.S. Supreme Court Case "King vs Burwell" that may strike down Obamacare in states that have not set up their own health care exchanges.
Independent Institute Senior Fellow John C. Goodman, author of "Priceless: Curing the Healthcare Crisis" was interviewed on World News Radio to comment on the average person's penalty for not having health insurance under the Affordable Care Act.
Sr. Fellow William F. Shughart II appeared on The Gary Nolan radio show to discuss the Export-Import bank. In a recent syndicated Op-Ed, Shughart wrote that the Export-Import bank distorts prices and it interferes with the free flow of international commerce.
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.