7.3 Pharmaceuticals, Diagnostics and Medical Devices

1. What are the two main areas that need reform to move pharmaceuticals, diagnostics and medical devices from welfare statism to capitalism? Answer
2. How will repealing FDA (Food & Drug Administration) and USDA (U.S. Department of Agriculture) regulations be handled in the respective industries under capitalism. Answer
3. Why has patent protection for pharmaceuticals, diagnostics, and medical devices deteriorated over the past few decades? Answer
4. What is a relatively uncontested consequence of less patent protection? Give an example from the book. Answer
5. How would drug pricing most likely be handled in a capitalist society with stronger patent protection? Answer
6. How will high-demand drugs that are very expensive immediately after launch most likely be managed in a capitalist society? Answer
7. What is the cost of forcing pharmaceutical companies to keep drug prices artificially low? What should our focus be instead of low prices at all cost? Answer

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