How Cost Of Drug Development Is Lost On Public And Politicians
This is the fifth installment of a nine-part series excerpting the chapter on medical care from the new edition of economist Thomas Sowell's "Applied Economics."The high prices of pharmaceutical drugs have been a contentious issue, though they are a relatively small part of total spending on medical care in the United States — about 10%, according to data from the Centers for Medicare and Medicaid Services. The costs behind these prices are not only high, but unusual, in the predominance of research costs over the cost of actually manufacturing the medications themselves. While the process of creating a new pharmaceutical...
Original Article: Forum: News/Activism
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