To solve our problems, we need the freedom — to plan, to create, to market and profit. We need the freedom to use the capital we gain by solving problems — whether the capital comes in the form of money, knowledge, or reputation — to solve other problems.
That’s as true in medical industry as in any other productive endeavor. But medical freedom is shrinking thanks to taxes and regulations imposed by Obamacare and numerous previous interventions.
Consider the many life-saving gadgets and drugs that we now take for granted. Medical doctor Paul Hsieh observes that creating these does not happen automatically. Even slightly higher taxes or tighter regulations “can mean the difference between a product coming to market— or being abandoned as not worth the effort.” We know how existing devices save lives. What we don’t know is what lives will by lost for lack of inventions that never maker it to market but, in a freer political environment, would have. It is the difference between what Bastiat called “That Which Is Seen, and That Which Is Not Seen.”
How can we ensure the largest possible field for the invention and propagation of life-saving technology, like genetically cased medicine or 3D-printed body parts? For starters, get rid of new taxes on medical devices and eliminate FDA regulations. Chuck the whole apparatus of Obamacare. Then enact ever-more fundamental market reforms until patients, doctors, drug and device companies use their judgment completely unimpeded.
The debate about freedom in medicine shouldn’t be just about whether you will be allowed (!) to “keep your doctor.”
This is Common Sense. I’m Paul Jacob.