The Threat of Price Control in the Pharmaceutical Industry

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A lot of drugs that are effective much better than the existing stable of treatments that doctors have and patients have to choose from still do charge an immense amount of money for them. Foreign governments do all the time, you know, my drugs here in Israel are cheap. It deludes some people into thinking that the Israeli health care system is great. They're parts of it that are pretty great.

When there's no vaccine on the market, people will look for other ways to be safe, including school closures and the handwashing of groceries. Listen as economist Casey Mulligan of the University Chicago talks with EconTalk's Russ Roberts about the costs of delaying a vaccine, the hidden costs of FDA regulation, and what we learned and failed to learn about the Covid pandemic.