Fewer Cures, Costlier Energy – WSJ

Through Stephen Moore and Tomas J Philipson

The so-called Inflation Reduction Act will be one of the largest misallocations of federal funds in American history. The law has many moving parts, but here’s a simple way to summarize its macroeconomic impact: It would transfer about a quarter of a trillion dollars from America’s pharmaceutical industry, which saves and extends lives, to the climate change industrial complex that makes energy more expensive.

The former industry produced the majority of the world’s 40 newest miracle drugs. The vaccines and treatments for Covid-19 alone have likely saved hundreds of thousands of lives and restored trillions in economic activity. Industry has provided life-saving and pain-relieving treatments and has helped reduce death rates from cancer and heart disease by half over the past 50 years. The pharmaceutical industry spends approximately $100 billion annually on research and development in the race to find the next generation of cures and treatments for Lou Gehrig’s disease, cancer, Alzheimer’s, Parkinson’s, epilepsy and other diseases.

https://www.wsj.com/articles/fewer-cures-costlier-energy-inflation-reduction-act-pharmaceutical-industry-drug-development-disease-cancer-alzheimers-parkinsons-epilepsy-treatments-11659886931 Fewer Cures, Costlier Energy – WSJ

Alley Einstein

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