The Ignorant Enemies of Our Future

Deroy Murdock on Medicine on National Review Online:

Merck already pays huge bills, even before facing a potentially calamitous
post-Vioxx situation at the hands of brokers who are unloading its stock,
federal prosecutors who may levy huge fines, and tort lawyers who are
salivating at payouts that could rival the huge asbestos and breast-implant
jackpots. Site Facilities Director Greg Landis still calls this enormous
establishment "a self-contained city, in all respects." He estimates its
annual electricity expenses alone at $50 million.

That, and more, adds up. This is why new drugs cost what they do, and why price-controlled Canadian drugs, industry-led product discounts, and Rep. Henry Waxman's (D., Calif.) comment that "frankly, it doesn't make sense to me" that innovation and high prices are connected all will make it harder for this lab and its counterparts to cover their costs. These factors boost the odds that the lights in these miracle factories will flicker, then fade to black

Henry Waxman, meet Virgina Postrel