Top Economists Evaluate Trump's First Term | What's Next For The U.S. Economy

[beachmouse]

I'd prefer some sort of hybrid system that admits that the free markets are really good in some sectors at maximizing benefits to both producers and consumers and really horrible in other areas. So maximize free market trade between countries to let us reach a global peak efficiency points in things like heavy manufacturing or commodities production and then socialize other areas like health care where maximizing profits doesn't account for some pretty huge externalities like, hey, it's better for grandma to be able to afford her insulin than for the pharma company to have the right to increase 5X on the drug in one year.

[EDS_]

Originally Posted by beachmouse

I'd prefer some sort of hybrid system that admits that the free markets are really good in some sectors at maximizing benefits to both producers and consumers and really horrible in other areas. So maximize free market trade between countries to let us reach a global peak efficiency points in things like heavy manufacturing or commodities production and then socialize other areas like health care where maximizing profits doesn't account for some pretty huge externalities like, hey, it's better for grandma to be able to afford her insulin than for the pharma company to have the right to increase 5X on the drug in one year.

If we remove the profit motive who/what entities will to take the risks necessary for pharma breakthroughs as but one example.

[tommy64]

China doesn't like it when Trump stands firm on changing trade policy to favor the U.S.

Got It.

[beachmouse]

Originally Posted by EDS_

If we remove the profit motive who/what entities will to take the risks necessary for pharma breakthroughs as but one example.

Lots of research one institutions do the same things and in fact their research often lays the groundwork for what for-profit pharma does.

There's also a disconnect in America in terms of development of drugs that the company will bring in the most money compared to what will do the greatest good. We need to be doing more to develop antibiotics that common bacteria hasn't developed a resistance to (it's a huge public health issue) but that's somewhat stalled out because the perceived profit margins for mass market antibiotics are lower than the projected profit margins for a next generation male disfunction treatment.

[EDS_]

Originally Posted by beachmouse

Lots of research one institutions do the same things and in fact their research often lays the groundwork for what for-profit pharma does.

There's also a disconnect in America in terms of development of drugs that the company will bring in the most money compared to what will do the greatest good. We need to be doing more to develop antibiotics that common bacteria hasn't developed a resistance to (it's a huge public health issue) but that's somewhat stalled out because the perceived profit margins for mass market antibiotics are lower than the projected profit margins for a next generation male disfunction treatment.

I texted my son, he's an MD with two first line research authorships and two seocnd line, although to be clear his research topics have little to do with antibiotics. He says there are at least 125 new antibiotics in the product funnel with around 40 in clinical development.

Big pharma often funds university based research.