ALERT! Stop Taxing Life Saving Medical Innovation
Opinion ı By Charles Laverty
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In truth, scientific work is hardly profitable to investors. Many projects are abandoned because they don’t make the profit expected, or do so fast enough. The incentive for investing in R&D is already low, and with the added external pressures now applied by the ACA, it’s likely to fall further.
How the ACA Affects Pharmaceutical Innovation
The pharmaceutical companies in this country are no longer able to control the prices of their products, to compensate for the investments they make in research under the Affordable Care Act. Why? Because the federal and state funds fall short in aiding them, and they’re submitted to unfair taxation and stringent regulatory processes which only slow production and thus profit.
Without the ability to create wealth for their companies, pharmaceutical research and development will fall behind and consumers bear the burden. Some reports indicate that the tax on pharma companies may have led to the rising cost of brand name drugs.
This is an alarming thought, considering what they’ve achieved with the right funding.
Consider the fact that not long ago an HIV Positive diagnosis meant death rather than treatment. The creation of antiretroviral drugs and treatment revolutionized the lives of the afflicted. Anti-depressants and anti-anxiety medications have saved lives. Anti-psychotics have helped the mentally ill live productive lives.
There’s a long list of drugs, innovations which revolutionized the lives of millions around the globe thanks to American pharmaceutical research. This era of research is at an end thanks to a lack of funding and the complex regulatory processes which hold it back.
The lack of innovation and the ‘free healthcare for all’ agenda actively damages the free market which should exist and encourage competition between medical companies. After all, more competition equals a more refined, higher quality product reaching consumers.
Overall, the combination of all the above factors is holding us back. We have to push our Senators and representatives to do the right thing. We need to repeal these taxes before they bring medical innovation to a grinding halt.
After all, the next Instagram may change the way you take selfies, but the next medical startup could prevent you from getting Alzheimer’s.
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