Instead of focusing funds on basic research required for chronic conditions which affect a large proportion of the population, companies are focusing their funds on advanced clinical trials. During the years of 2004 to 2012 biomedical and health services research grew only 0.8 percent as opposed to 6 percent in years past.
And this was before the introduction of the Medical Device Tax mentioned above. The mind boggles at the thought of the procedures, cures, or treatments which might’ve been created if not for the lack of spending because of the threat of higher taxation.
In fact, Dr. Kenneth Kaitin, director of the Tufts Center for the Study of Drug Development in Boston, Massachusetts, indicates that many drug companies are pulling back from research in cardiovascular disease, which is the number one killer in America. Why? They can’t afford it because of the lack of private and government funding.
And here’s another alarming fact: Asia has tripled its investment between 2004 and 2012. They’re more focused on research and development than the United States.
