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The Indian government must curb the flow of low-quality medications from Indian drug manufacturers to foreign markets. These substandard medicines provide ineffective treatment, at best, and endanger global health, at worst.
Is the human condition becoming more unequal? Many assert it is, but their focus is almost exclusively on economic inequality. This is problematic. Income is not the only important measure of human well-being and life chances. Consider two global revolutions that are improving the human condition and making it more equal: Life expectancy and educational attainment.
People may well compare car performance figures before buying, but I doubt many patients even think of doing so when it comes to medicines and drugs. The reason is that they trust the regulators (and their doctor) to ensure that all products work properly on the market. But why should a regulator of medicines be better than any other bureaucrat in any other field?
Are American patients taking unsafe medicines from Asia? Even posing that question is leading to unusually public confrontations between scientists and physicians on one side and the Food and Drug Administration on the other.
There is a growing concern that American patients are unknowingly being given unsafe medicines from overseas. Yet with nearly 3 billion prescriptions filled every year in the United States, everyone agrees that the U.S. drug supply is generally safe.
The drug quality lapses in India—which supplies more drugs to the United States than any other country—have become so unnerving that U.S. physicians are for the first time publicly voicing concern.
We welcome you to join us as a panel of economists discuss US wage and price prospects in the coming months and the implications for the Federal Reserve’s current unorthodox monetary policy.