Is it possible to have a serious discussion of long-term projections of health care costs and not mention how patent monopolies raise the price of drugs and medical equipment. The answer is no, but the Washington Post doesn't care.
An article reporting on how the health care sector has continued to grow and add jobs even as the economy sinks into recession never mentioned the role that patent protection plays in raising costs. This is the sort of article in which such discussion should occur.
New life-saving drugs that can sell for hundreds of thousands of dollars a year would sell for a few hundred dollars in the absence of patent protection. Similarly, tests with high-tech medical equipment that can cost thousands of dollars would cost just $100-$200 (the cost of a technician's time and electricity) in the absence of patent protection.
While it is necessary to finance the research that allows for the development of new drugs and medical equipment, there are more efficient mechanisms than the patent system. It is important that the country have a serious debate over these alternatives if it is to rein in the explosive growth of health care costs.
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