Joseph A. DiMasi, Christopher-Paul Milne, and Alex Tabarrok have written a devastating Report Card demonstrating how poorly the Food and Drug Administration (FDA) does its business.
The FDA has a government-granted monopoly on deciding the safety and efficacy of new medicines. The FDA’s permitting of new drugs has slowed down over the years because its government-granted power insulates the agency from the demands of suffering patients. We should not be surprised to learn that FDA managers are unable or unwilling to reallocate resources to where they are most needed.
Read the entire column at The Independent Institute's Beacon blog.