Give The FDA Some Competition With Free To Choose Medicine

Authors

Bartley J. Madden
Vernon Smith, Chapman UniversityFollow

Document Type

Editorial

Publication Date

12-1-2015

Abstract

"Better drugs that arrive sooner and at a lower cost is the appropriate goal of the Food and Drug Administration’s (FDA) system for regulating new therapeutic drugs. That goal is not being achieved as seen in sky-high prescription drug prices, more than a decade for clinical trials and related FDA decision processes, and a concomitant lack of fast-paced learning and rapid innovation that is so common in the private sector. Unless fundamental change takes place, biopharmaceutical companies may well have to deal with government price controls which will have a disastrous impact on long-term innovation.

A market-based solution—Free To Choose Medicine (FTCM)—has been widely published and implemented in Japan."

Comments

This article was originally published on Forbes.com in December 2015.

Recommended Citation

Madden, B.J., & Smith, V.L. (2015, Dec. 1). Give the FDA some competition with Free To Choose Medicine. Forbes.com. Retrieved from http://www.forbes.com/sites/realspin/2015/12/01/give-the-fda-some-competition-with-free-to-choose-medicine/

Copyright

Forbes