The new Obama drug initiative is of a piece with the administration's abiding faith in the virtue of government investment as a trump to private entrepreneurism. At the core of this religion is a faith that that the political allocation of capital leads to better, or at least more "equitable" outcomes.

Congress is in the process of rewriting the United States' patent laws. Scientific and technological changes in virtually all markets have dramatically altered the patent system itself. Reacting to fears that patents and patent litigation could retard rather than support technological progress, legislators are poised to take action with the...

The 1984 Hatch-Waxman Act created a streamlined path for generic drugs to reach the market after pioneer drug patents expire. The result has been the most vigorous and competitive generic drug market in the world, but the Hatch-Waxman Act does not apply to most biologics. Isolated from a variety of...

Developing new, effective drugs is staggeringly expensive, and the high prices of certain drugs on the market are directly related to this initial investment, according to a new AEI Press book.

Two decades ago, European firms dominated the world pharmaceutical market, just as they had for most of the twentieth century. Now, with a few notable exceptions, the market is dominated by American firms. U.S.-based companies account for most of the worldwide bestselling drugs and for most newly introduced breakthrough drugs--especially...

Controls would take away the industry's incentive to develop new lifesaving medications and therapies.

Congress is in the process of rewriting the United States' patent laws. Scientific and technological changes in virtually all markets have dramatically altered the patent system itself. Reacting to fears that patents and patent litigation could retard rather than support technological progress, legislators are poised to take action with the...

Genetically engineered animals embody an innovative technology that is transforming public health through biomedical, food, and environmental applications.