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>doesn’t require any government interaction Dude what? Government around the world are constantly catching corporations for lying on their product lists. As f

by wredue 3y ago

>doesn’t require any government interaction Dude what? Government around the world are constantly catching corporations for lying on their product lists. As for controlled substances, on this topic is a completely fine line which I’d probably tend to agree is not treaded properly. There are risk trade offs to allowing open markets on classes of drugs. With that said, the massive propaganda campaigns corporations get up to completely subvert that risk, and 100% leaves consumers uninformed even with the proper information at their fingertips: as a major example, the opioid crisis, leaded fuels, leaded paints, carcinogenic materials handling. I mean, the list really goes on and on. The issue with the FDA has time and time and time again been demonstrated to be how toothless it is. Corporations constantly ignore regulation for billions in profits, only to receive a sternly worded letter and MAYBE a 0.01% of profits fine.

nickff 3y ago
Governments around the world are terrible at 'catching corporations for lying' in any way. There are manifold examples in every regulatory field, in every country. Examples include Wirecard, Theranos, Volkswagen, Johnson & Johnson talc, etc. In most cases, the regulators are handed the evidence, and take a long time to do anything about it. In my mind, the question is whether the massive regulatory burdens which protect incumbents and inhibit liberty are worth it. This is not an all-or-nothing question, and might be answered field-by-field, but regulators have not covered themselves in glory.
- deleted 3y ago
  [deleted]
- wallaBBB 3y ago
  The list of caught ones is immensely longer. It’s a cat and mouse game, it doesn’t really stop. Big pharma spends a lot of money on training the employees on how not to get caught. I worked 5 years in big pharma and it took me almost a year to understand why are the constantly repeating compliance and fair practice trainings. Giving examples how others failed, etc. Those were not there to tell you not to do it, but what to watch out for. And the sale targets and incentives are there to motivate you to cross the lines. I’m just grateful I was not in sales but application training. Btw how is a government responsible for Theranos? There was never a product there, just promises burning VC money. Wirecard is more a failure of trusted independent auditors (one of the big 4) that failed to do a proper international audit.
  - nickff 3y ago
    The FDA was the regulator for Theranos' products, which were used by customers, and the SEC was the regulator for Theranos' securities. https://theconversation.com/how-theranos-faulty-blood-tests-got-to-market-and-what-that-shows-about-gaps-in-fda-regulation-168050 https://theconversation.com/how-theranos-faulty-blood-tests-... https://www.sec.gov/litigation/litreleases/lr-24069 https://www.sec.gov/litigation/litreleases/lr-24069 Wirecard was actually a much worse regulatory failure in that the regulator attempted to prosecute the reporters which revealed the affair. Not only did the regulator fail to uncover either side of Wirecard's illegal behaviour, they went after the people who did. https://www.ft.com/content/4ebd9032-d3d1-4a9e-976c-d1235448ee20 https://www.ft.com/content/4ebd9032-d3d1-4a9e-976c-d1235448e...
AnthonyMouse 3y ago
> Government around the world are constantly catching corporations for lying on their product lists. Obviously you have to interact with the government if they catch you lying. You're not intended to lie. The point is that you can have a labeling requirement and businesses can comply with it without having to make regulatory filings or prohibiting products. > There are risk trade offs to allowing open markets on classes of drugs. Which is why you have labeling requirements. This is cocaine, it's highly addictive, you probably want to try ibuprofen first.

by wredue 3y ago

nickff 3y ago

Governments around the world are terrible at 'catching corporations for lying' in any way. There are manifold examples in every regulatory field, in every country. Examples include Wirecard, Theranos, Volkswagen, Johnson & Johnson talc, etc. In most cases, the regulators are handed the evidence, and take a long time to do anything about it. In my mind, the question is whether the massive regulatory burdens which protect incumbents and inhibit liberty are worth it. This is not an all-or-nothing question, and might be answered field-by-field, but regulators have not covered themselves in glory.

deleted 3y ago
[deleted]
wallaBBB 3y ago
The list of caught ones is immensely longer. It’s a cat and mouse game, it doesn’t really stop. Big pharma spends a lot of money on training the employees on how not to get caught. I worked 5 years in big pharma and it took me almost a year to understand why are the constantly repeating compliance and fair practice trainings. Giving examples how others failed, etc. Those were not there to tell you not to do it, but what to watch out for. And the sale targets and incentives are there to motivate you to cross the lines. I’m just grateful I was not in sales but application training. Btw how is a government responsible for Theranos? There was never a product there, just promises burning VC money. Wirecard is more a failure of trusted independent auditors (one of the big 4) that failed to do a proper international audit.
- nickff 3y ago
  The FDA was the regulator for Theranos' products, which were used by customers, and the SEC was the regulator for Theranos' securities. https://theconversation.com/how-theranos-faulty-blood-tests-got-to-market-and-what-that-shows-about-gaps-in-fda-regulation-168050 https://theconversation.com/how-theranos-faulty-blood-tests-... https://www.sec.gov/litigation/litreleases/lr-24069 https://www.sec.gov/litigation/litreleases/lr-24069 Wirecard was actually a much worse regulatory failure in that the regulator attempted to prosecute the reporters which revealed the affair. Not only did the regulator fail to uncover either side of Wirecard's illegal behaviour, they went after the people who did. https://www.ft.com/content/4ebd9032-d3d1-4a9e-976c-d1235448ee20 https://www.ft.com/content/4ebd9032-d3d1-4a9e-976c-d1235448e...

AnthonyMouse 3y ago

> Government around the world are constantly catching corporations for lying on their product lists. Obviously you have to interact with the government if they catch you lying. You're not intended to lie. The point is that you can have a labeling requirement and businesses can comply with it without having to make regulatory filings or prohibiting products. > There are risk trade offs to allowing open markets on classes of drugs. Which is why you have labeling requirements. This is cocaine, it's highly addictive, you probably want to try ibuprofen first.