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Double-edged sword of regulation: some aspects of regulation protects monopolies, increases burdens on businesses trying to sell life-saving products, self-jus
by a-no-n 10y ago
Double-edged sword of regulation:
some aspects of regulation protects monopolies, increases burdens on businesses trying to sell life-saving products, self-justifies bureaucracy and adds cost and delay. Other aspects of regulation prevents unsafe, scam and inferior products from endangering public safety. Both positives and negatives, to varying degrees, are in play simultaneously, given a particular product or issue. We need the FDA to not be lap-dogs of industry, not block dying cancer patients from trying almost any experimental, unapproved protocols and not taking forever to approve revolutionary therapies.
To modify James Madison's quote: "If everyone were angels, no government regulation would be needed and libertarianism would be as practical of an utopian system as communism."
It's balanced, expedient and effective regulation that is the primary duty of medical regulators.
- ptaipale 10y agoIn a way, the rest of the world is indebted to the U.S. for its regulation. It's a huge and wealthy market, so manufacturers have an incentive to enter it; the regulation is hard so products often really have to improve to get through. The rest of us can then enjoy greater safety of pharmaceuticals and medical equipment without setting up such an expensive regulatory system.
- BurningFrog 10y agoAll you need for that to work is angel regulators!