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> Medicine isn't like normal supply and demand. Indeed it isn’t, and like you’ve correctly identified, demand is inelastic. But it’s still a market subject to
by plainOldText 7y ago
> Medicine isn't like normal supply and demand.
Indeed it isn’t, and like you’ve correctly identified, demand is inelastic. But it’s still a market subject to competitive forces, provided they exist.
> If drug x is what is keeping you alive and they have a patent on it its not like you can't buy the drug.
The drug x did not emerge spontaneously. Someone decided to create it because it was a demand for it and it was an opportunity for profit.
Had the research not occurred, the drug wouldn’t have been created at all. So the way I see it, having an expensive drug (I will maybe be kept alive) is preferred to not having it at all (I definitely won't be kept alive). Plus, patents do expire as far as I’m aware.
Yes, I understand people want drugs at prices they can afford but this is not solvable by simply price fixing without generating unintended consequences.
- samfisher83 7y agoExcept the US government is by far the largest R+D spender in the world. Its not like the drugs it fund become public domain. You don't seem to address that at all.
- plainOldText 7y agoA quick search on Google reveals that the U.S. biomedical industry spends about 3x more than the federal government [1], or about 67% of the total spending, so your claim turns out to be false. [1] https://www.researchamerica.org/sites/default/files/RA-2017_InvestmentReport.pdf https://www.researchamerica.org/sites/default/files/RA-2017_...
- samfisher83 7y agoNope the us government is single biggest spender. Your own link tells you that. You are including a bunch of companies together. Please stop spreading fake news. If you include prescription drugs us government spends 329bil. So I think us government is pretty vitial to medicine in this country.
- Whack-kneed 7y agoBig Pharm also gets to deduct it's r+d expenses in full. Name an other private industry with that kind of a crutch....