The NYT seems to have zero understanding of the economics of prescription drugs. An interesting and lengthy article on a new generation of very high-priced cancer drugs (often costing more than $100,000 a year) never once mentions the fact that the drugs are expensive solely because the government grants the manufacturer a patent monopoly that protects them from market competition.
By giving them a monopoly on what could be a life-saving drug, the government is enabling these companies to charge exorbitant prices. It also gives them an enormous incentive to mislead doctors and patients about the effectiveness of their drugs.
It would have been appropriate to discuss the economic distortions and perverse incentives that are created by the patent system in this context, as well as alternative mechanisms for financing prescription drug research. The article is written as though no one has ever suggested an alternative mechanism to patent supported research, even though two bills providing for an alternative mechanism have already been introduced before Congress.
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