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The Vioxx scandal: public pays the price
From: Michigan Chronicle
Date: 20041109
Author:Gibson, Julie A., Smith, Joseph Conrad
Gibson, Julie A., Smith, Joseph Conrad
Michigan Chronicle
11-09-2004
The pharmaceutical industry is one of the most profitable sectors of our
economy. This profitability is no accident. To induce private
pharmaceutical companies to develop new drugs, our patent laws grant such
companies exclusive marketing rights for a period of years after a new drug
is introduced. Predictably, when a company is granted a monopoly in
connection with the marketing of a new drug, the company will charge as
much as the market will bear. In the absence of competition, there is
nothing preventing these companies from ...
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