Leading the charge was the UK’s top public doctor, Professor John Ashton, who wrote, “This is the moral bankruptcy of capitalism acting in the absence of an ethical and social framework.” He added: “They’d find a cure if Ebola came to London.”
Ashton’s analysis—a political, social, and economic rant, not a sober medical analysis—concluded that Big Pharma is reluctant to invest in research and development (R&D) to produce treatments and vaccines “because the numbers involved are, in their terms, so small and don't justify the investment.”
Dr. Ashton should know that’s nothing but pure poppycock.
It’s so easy for critics, like Dr. Ashton, to bust on Big Pharma for the profits the industry makes on drugs it has brought to the marketplace. But what about the excessive corporate taxes it has to pay, the maze of federal regulations with which it has to comply, and the price controls imposed upon it, all of which have put in place by nations with socialized healthcare and massive public healthcare sectors? Then, too, where do people—like Dr. Ashton—think the R&D money will come from to search for new, “miracle” drugs? Subsidies from those deficit-ridden socialized healthcare systems?
It’s the free marketplace—where Big Pharma’s players compete with each other within the industry’s confines—which has led the way in discovering life-saving and miracle drugs that are too numerous to count. Their investors have put up the capital to fund the costs and to accept the risks associated with the R&D that’s required to get a new drug approved by the FDA and into the marketplace. Those “scandalous” profits are called “return on investment” which provides a decent rate of return to investors and is also poured back into Big Pharma to begin developing new drugs.
Is it any wonder that American pharmaceuticals have led this advance historically? That is, until now. Who’s to know what those federal regulators are going to find in the Obamacare bill to further ensnare Big Pharma, now that it’s law?
It’s easy for people like Dr. Ashton to rally others of their ilk against capitalism until they decide they want a miracle drug today. Their “target” is always American pharmaceuticals. The UK, India, and Canada have a zero track record to evidence that any of them will come up with a miracle drug that’s needed today. On its “To Do” list, perhaps the People’s Republic of China (PRC) has developing a miracle drug for Ebola and perhaps even AIDS as well as cancer. Then, too, probably not. But, don’t be surprised if biopharma entrepreneurs and their investors in the PRC are researching and developing new drugs…and are reaping their rewards.
Don’t be fooled. Dr. Ashton is using the Ebola outbreak for a blatantly political and economic purpose. In his own words: To shame the international community into what he calls a “real commitment to the millennium goals for international development.” He knows that despite the billions of $$$s already poured into the programs that were supposed to achieve those goals by 2010, nationalized public healthcare systems continue to fail to respond effectively.
Any guess why?
Let the discussion begin...
To read The Independent article, click on the following link: