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.
Sr. Fellow Benjamin Powell appears on Vancouvers CKNW radio to discuss the one year anniversary of the Rana Plaza factory collapse in Bangladesh. Powell talks with host Mike Eckfordabout conditions in clothing factories in Bangladesh and markets for labor and the products manufactured there.
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.
On April 23, 2012, Benjamin Powell gave the following speech at The Future of Freedom Foundations Economic Liberty Lecture Series. The speech, Implications of the Crash of 2008, can viewed above in its entirety.
Benjamin Powell is an associate professor of economics at Suffolk University, the President of the Association of Private Enterprise Education, a senior economist with the Beacon Hill Institute, and a senior fellow with the Independent Institute. He earned his B.S. in economics and finance from the University of Massachusetts at Lowell, and his M.A. and Ph.D. in economics from George Mason University.