Friday, July 24, 2009

The effect of healthcare reform on innovation

At, Sally Pipes recently voiced her opinion on how health care reform could damage successful innovation in the biotech industry for years to come. Health care reform is important but will have to rely on a variety of places to be successful: hospitals, doctors, insurers and drug companies.

The current favorite place that law markers are looking to reduce costs is the drug makers. While they are the ones with cash, one must remember it takes years and over $1.3 million to make a new medicine. Taking money from the drug makers could have long term effects such as finding cures in the future and experiencing long-term health problems. There are also millions employed in the industry. The number of researchers would have to dwindle, putting stress on already stressed conditions with too few researchers.

What do you think? What are going to be other affects on the biotech industry from healthcare reform?

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