The NYT has another good piece documenting the abuses of the patent system for financing prescription drug research. Patent monopolies increase our annual drug expenditures by at least $150 billion a year compared to a situation in which drugs were sold at free market prices.
If economics was a serious profession there would be a large body of research comparing the efficiency of patent supported research with alternatives such as prize funds or direct government funding. As it is, economists only worry about protection on shoes and shirts.
Here's my twocents.
If you enjoyed this article, please consider making a tax-deductible donation today. For over 30 years, The American Prospect has delivered independent reporting that exposes corporate power, investigates political corruption, and analyzes threats to our democracy. Unlike many media outlets, we’re not owned by billionaires or corporations—we’re powered by readers like you.
Today’s independent journalism faces unprecedented challenges. Your support makes our reporting possible and keeps our work free and accessible to all. Whether it’s $5 or $50, every contribution helps sustain our nonprofit newsroom.
Join our community of supporters and make a donation today to help keep independent journalism thriving.
Copyright 2024 | The American Prospect, Inc. | All Rights Reserved
