Is the U.S. the hotbed of medical innovation?
Definitely. From a broad perspective, most economies of the world tend to fall into three buckets. There are emerging markets, which are based on low cost labor and commodities. There are economies modeled after European countries, which have more of a socialist-type system. They primarily consume healthcare. Then there’s the U.S. Innovation is in our DNA. It’s ours to lose. By most accounts, medical innovation in the U.S. is in trouble. Agree? Increased healthcare regulations are making it tougher to innovate here compared to 20 years ago. In drug research, the number of requirements for drug approval have gone up tremendously, which also increases the cost. People say it now costs a billion dollars to get the average drug to market. This is partially because of inefficiencies in the research model. But it’s also partly due to regulatory requirements. Can we regain our leadership position? The right resources are here in terms of people, intellectual capital, and experience. And we ha
