Further, the Kefauver-Harris Amendments dramatically increased the time and cost of getting new drugs approved. Evidence provided by University of Chicago economist Sam Peltzman suggests that the number of new drugs approved dropped by 60% in the decade following the law change. We have fewer ineffective drugs, but also far fewer effective ones than we could have had.
Also rightly critical of the FDA is my intrepid Mercatus Center colleague Veronique de Rugy.
T. Norman Van Cott makes clear that economic prosperity is impossible without production.
John O. McGinnis explains the perils of “second-best” arguments.