Overdose: How Excessive Government Regulation Stifles Pharmaceutical Innovation

Resident Scholar John E. Calfee
Resident Scholar John
E. Calfee
Overdose offers a comprehensive examination of the pharmaceutical industry by following the course of a new drug as it progresses from early development to final delivery. Richard A. Epstein looks closely at the regulatory framework that surrounds creating pharmaceutical products, and Epstein assesses which current legal and regulatory practices work and which ones have gone awry. In Overdose Epstein cautions that more stringent controls over every aspect of drug development and approval will stifle pharmaceutical innovation and slow the delivery of beneficial treatments to patients who need them. Epstein considers the numerous challenges that face the industry and argues that to ensure continuing creativity, efficiency and success of the pharmaceutical industry, the best system will feature strong property rights and clear enforceable contracts with minimal regulatory or judicial interference.

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John E. Calfee is a resident scholar at AEI.

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About the Author

 

John E.
Calfee
  • Economist John E. Calfee (1941-2011) studied the pharmaceutical industry and the Food and Drug Administration (FDA), along with the economics of tobacco, tort liability, and patents. He previously worked at the Federal Trade Commission's Bureau of Economics. He had also taught marketing and consumer behavior at the business schools of the University of Maryland at College Park and Boston University. While Mr. Calfee's writings are mostly on pharmaceutical markets and FDA regulation, his academic articles and opinion pieces covered a variety of topics, from patent law and tort liability to advertising and consumer information. His books include Prices, Markets, and the Pharmaceutical Revolution (AEI Press, 2000) and Biotechnology and the Patent System (AEI Press, 2007). Mr. Calfee wrote regularly for AEI's Health Policy Outlook series. He testified before Congress and federal agencies on various topics, including alcohol advertising; biodefense vaccine research; international drug prices; and FDA oversight of drug safety.

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