How severe is the crisis in the pharmaceutical industry?

Drugs developed by the pharmaceutical research industry have revolutionized health care. Yet, in recent years there has been a decline in the number of innovative new drugs reaching the market, despite extraordinary advances in the basic and applied science upon which these new developments depend. Why is that? Panelists...

The cost of developing drugs is rising at an unsustainable pace, new company formation in the biotech sector has dwindled, and healthcare costs continue to rise. We must craft policies that provide the proper incentives for new technology while making sure that we are getting more value for programs like Medicare.

This is an all too familiar story, the FDA impeding useful innovations in the US entrepreneurs here are forced to test promising medical devices in costly animal studies for years before they can advance their products into clinical trials. In response, American device makers are moving their business overseas.

At this event, John A. Vernon and Joseph H. Golec will discuss their new AEI Press book.

Medicare must continue to implement reforms to align its coverage and payment policies with the value delivered to beneficiaries.

The strategies being used by the Drug Enforcement Administration to tackle themisuse ofprescription drugsare ineffective andare preventing the development of new medicines.

If you want cutting-edge health care, don't make it a cost-controlled commodity.