Forbes: The FDA Blocking Innovation
POSTED ON 8/11/2011 IN Industry News BY Christopher Centeno
Interesting story about the FDA blocking innovation this week in Forbes:
Innovation, Competition And The FDA
Burton G. Malkiel, 07.20.11, 06:00 PM EDT Forbes Magazine dated August 08, 2011
Recent regulations by the FDA have retarded innovation in the drug industry and caused harm to the health of the nation.
The World Economic Forum has recently announced its country competitiveness rankings for 2010, and the news is not good: The U.S. slipped to fourth place. President Obama has repeatedly stressed that we must act to reverse this decline by encouraging American innovation. He has made clear his conviction that vibrant entrepreneurialism is the key to America's continued global leadership and the greatest force for prosperity the world has ever known. The President has noted the importance of a proper balance between rules and regulations necessary to protect public health and safety, all the while expressing concern that those rules have sometimes gotten out of balance, stifling innovation and retarding growth.
The Food & Drug Administration presents a prime example of that imbalance. Recent FDA regulations have retarded innovation in the pharmaceutical industry and caused harm to the health of the nation. They may also have put the U.S. at a competitive disadvantage relative to Europe. Read more...
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