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Vinay Prasad on Pharmaceuticals, the FDA, and the Death of Duty

EconTalk

INSIGHT

Balancing Capitalism and Innovation in Cancer Medicine

  • Capitalism and profit incentives are valuable for driving innovation in cancer medicine.
  • The current system fails to distinguish between real innovation and pseudo-innovation in drug development.
  • Truly transformational drugs should receive large returns on investment.
  • The technical complexity of the system makes it difficult for average people to discern between effective drugs and those with strong marketing.
  • Reimbursing both types of drugs similarly is problematic.
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