In his eloquent speech, the president said reform should "strengthen what is good about our health-care system--the world's best health-care professionals, cutting edge research, and wonderful research institutions." I agree.
The United States is the world leader in biomedical research and innovation. At a breathtaking pace, our scientists and laboratories produce new drugs, medical devices, and surgical techniques that prolong and improve human life and reduce the cost of health care. When these new drugs, devices, and techniques enable people to remain productive instead of becoming disabled, our country's economic well- being improves; and when these same innovations replace older, more costly treatments, quality health care becomes more affordable for all.
Unfortunately, many suggested health-care "reforms" would diminish medical innovation. Some policymakers, including the White House health-care task force, have recommended de facto price controls on breakthrough drugs. However, economists--liberals and conservatives alike--agree that price controls don't work. When government ...
