Article
Valuing Medical Innovation
by Daniel J. Hemel & Lisa Larrimore Ouellette
Scholars and policymakers across the ideological spectrum agree that the U.S. drug pricing system is deeply flawed. Most reform proposals focus on one symptom: high prices for existing drugs. But high prices aren’t all that ails the U.S. drug pricing system: Current law also provides weak incentives for medical innovation across wide areas, including vaccines,…