Morning Edition had a Planet Money segment this morning that discussed the high price of health care. The piece focused on the high cost of medical devices. It noted the high price for many items used in medical operations, but never once mentioned that the high prices are largely due to the fact that these products enjoy patent monopolies.
This is a really central part of the story. The piece tells listeners that we constantly want better technology, which is why we are prepared to pay high prices for new devices. In fact, the structure of the patent system gives device makers an incentive to lie about the usefulness of their products and to spend large amounts of money developing items that provide little new medical benefit.
Any report on the cost of medical technology that does not mention the patent system and the perverse incentives it creates is simply a waste of time.
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