Well it looks like there is a good chance that our country is headed towards more price controls, whether its a democrat or republican leading the charge. Not good for the purposes of life extension at all.
Presidential candidates and Price controls.
John McCainControlling health care costs will take fundamental change - nothing short of a complete reform of the culture of our health system and the way we pay for it will suffice. Reforms to federal policy and programs should focus on enhancing quality while controlling costs:
Barack ObamaLower prescription drug costs. The second-fastest growing type of health expenses is prescription drugs. Pharmaceutical companies are selling the exact same drugs in Europe and Canada but charging Americans more than double the price. Obama will allow Americans to buy their medicines from other developed countries if the drugs are safe and prices are lower outside the U.S. Obama will also repeal the ban that prevents the government from negotiating with drug companies, which could result in savings as high as $30 billion.
Hillary Clinton's Plan for Health Care Disaster Clinton’s plan would force price controls on drug manufacturers, almost certainly resulting in steep cuts in the research and development of new drugs, the kind that sustain and enrich the lives of millions today. Research has shown that even when Congress merely discusses such controls, the results are steep declines in the growth of pharmaceutical R&D budgets. Under Clinton’s plan, the miracle cures the drug industry steadily produces today could become a thing of the past. Yet still she claims that this is a plan geared toward providing “choices.”
I don't think Mitt Romney favors price controls because he specifically mentioned on a debate that we shouldn't be so negative about drug company profits. Romney is actually supposed to be a fairly intelligent guy (top 5% of an Ivy league), so he might not be such a bad president. Ron Paul/Mike Huckabee have no chance of winning so why bother talking about them.
Why are Price Controls are bad you ask?
Price controlsDemocratic contenders for the 2008 presidential election want to use the federal government to lower the cost of prescription drugs, but while the move may be well-intentioned it could end up costing lives, an economist argued during an event in Washington, D.C.
Already, price controls may have had an adverse effect on our pharmaceutical industry.
Are drug price controls good for your health?Using the predicted trend in pharmaceutical prices without government influence and an established elasticity of R&D spending with respect to drug prices from prior research, we determined that the resulting government-induced loss of capitalized pharmaceutical R&D expenditures was $188 billion (in 2000 dollars) from 1960 to 2001. This "lost" R&D may be translated into human life years "lost"—literally, increased pain and suffering and shorter lives caused by the absence of new medicines and future research—by using results from recent econometric work on the productivity of pharmaceutical R&D in the U.S. over the same period. We conclude that the federal government's influence on real drug prices cost the U.S. economy approximately 140 million life years between 1960 and 2001.
Price controls seen as key to Europe's drug innovation lagNor was this 'drug gap' due to faster FDA processing: both agencies have an identical mean approval time of 15.7 months. Instead, said Kaitin, drugs hit the US market first because the sponsors choose to submit them there first.
The advantage of the US is almost wholly down to its lack of price controls, says Kaitin. "Investors tend to invest in places where there is less control over prices, and it is always better to do your clinical trials in the countries where you plan to market," he says.
The shift of R&D out of Europe to the US is now "a pretty robust trend," adds Kaitin. "There is no indication that it will flop back unless the US switches to a different regulatory or pricing policy."
Europe Price controlsActually, it's about research and development. And here's the connection between Europe's decision and Congress' folly. Pharmaceutical innovation is pinned on profitability. While 20 years ago pharmaceuticals were largely developed in Europe, European price controls made drug development an American enterprise. Fifteen of the 20 top-selling drugs worldwide this year were birthed in the United States. And even European firms such as GlaxoSmithKline have moved essential work across the Atlantic, to American shores. No wonder the EU is reconsidering their regiment of price controls.
What happened to Europe's vibrant drug industry?The loss to research caused by price controls was quantified in a recent study by the U.S. Department of Commerce. The study looked at the impact of pharmaceutical price controls in 11 countries, among them Holland, France and Germany, and found that price controls caused a $5 billion to $8 billion annual reduction in funding for drug research and development.
What could that amount buy? According to the study, it could lead to the discovery of three or four new potentially life-saving chemicals each year. So it’s no surprise that from 1998 to 2002 there were only 44 new drug launches in Europe, compared to 85 in the U.S.
But now is no time for Americans to be smug. Ironically, there is a bipartisan move afoot in the United States to implement the same policies that have dried up pharmaceutical research in Europe by having the government “negotiate” drug prices.
The High Price of Cheap Drugs Those price controls prevent innovative pharmaceutical firms from reaping free-market rewards anywhere but in the United States. That is one reason why the world pharmaceutical industry, which 20 years ago was mostly based in Europe, has largely relocated to the United States. American manufacturers now account for 7 of the top 10 worldwide best-selling medicines, and 15 of the top 20. This reflects a large and growing disparity in research and development expenditures. In 1990, European pharmaceutical firms outspent American firms on R&D by approximately 8billion euros to 5 billion euros ($7 billion to $4.3 billion). In 2000, U.S. firms outspent European firms by 24 billion euros to 17 billion euros ($20.9 billion to $14.8 billion). Even traditional European firms, notably GlaxoSmithKline and Novartis, have moved many of their most essential operations to the United States.
I'm sure everyone knows that I have a huge bias about this. The blogger at fightaging.org sums it up pretty well.
Death (For Everyone) Before Inequality (For Anyone) Creating "equality" by taking from the successful ruins the creation of wealth - very much a non-zero sum game - for all. It takes away the vital incentives and rewards for success. At the end of the process, as demonstrated by all that transpired in the Soviet Union, you are left with the same old inequalities, but now taking place amongst ruins, starvation and disease.
Economic ignorance is the death of cultures; it is presently eating away at the US, and is sadly most advanced in medicine and medical research. People who favor equality and envy over wealth and progress are, unfortunately, usually comparatively wealthy themselves and thus largely insulated from the short-term consequences of their ignorance. These dangerous philistines will have to decide in the years ahead whether their dearly-held positions are worth losing their lives to, not to mention the lives of everyone they manage to kill - at the rate of 100,000 with each and every day of delay on the way to working anti-aging technologies.
Fighting economic ignorance is very much a part of fighting for longer, healthier lives - because economic ignorance is the root of objections, delay and destructive regulation and governance. It's also at the root of darker paths best not taken, such as government-mandated limits to life span. We should remember that.
I will still not vote democratic. If it came down to McCain vs. Clinton, I would have to go for McCain (even though he seems to favors price controls himself). I think a lot of people fail to see the threat of a government beauracracy in getting life extending products to market. It seems like some level of price controls may be inevitable, though. Even if the federal government doesn't do anything, the states have already taken the steps to ensure universal healthcare (but they aren't having a lot of luck). There are a lot of new medical innovations that are coming down the pipeline besides drugs like gene therapy, rna interference, stem cells etc.. Governments are not going to get this stuff to market, private companies are (and probably companies here in the States as opposed to Europe). Look at Europe. Price controls due to universal healthcare have had a chilling effect on the medical industry there. Price controls (due to medicare, medicaid etc.) in the US have already negatively impacted the output of our industry (see the links above) Do I have a one track mind? Yes, but if I thought that there was 70% chance that the republicans were going to institute a draft in the next four years, I would vote democratic instead. I have to weigh threats as I see them and the biggest issue for me, and I would hope most immortalists, is the threat of more government regulation.
Edited by hrc579, 03 February 2008 - 01:21 AM.