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June 14, 2009
The price of Obama's health care 'savings'
Okay. Everyone who thinks that Obama's take-over of the health care system in America is a good thing, pay attention. Here are some imporant facts from the Wall Street Journal article on Obama's plan:
Huh? What increases in productivity are they talking about? Less time per patient per doctor? That's what an increase in productivity means. Each doctor sees more patients. What else could it possibly mean?
For those of you who have never taken a course in basic economics, let me point out a law of economics: when you pay less for a good or service, you will get less of that good or service. So, when you pay pharmaceutical companies less for drugs, you are going to get fewer new drugs.
The risk for developing drugs is already substantial. Most drugs costs tens or hundreds of millions of dollars to develop and never get into the marketplace because the drug fails to treat the disease as hoped, or it proves to be dangerous. And, it often takes years before the companies learn if their bet will pay off.
Developing drugs is risky. The reward must be substantial to justify the risk.
Reducing the reward means fewer risks will be taken. Smaller risks. Many diseases will attract fewer research dollars. Fewer drugs will reach the market and people will die as a result. It's not complicated. Is that too difficult to understand?
Drugs for diseases that hit the poorest nations of the world will also see a slow-down in development. Every day that development of a new drug is delayed, thousands of people will die, most in the poorest parts of the world.
And, if drug companies are paid less for their drugs, they will have to pay their researchers less as well. And, that means that fewer of the smartest people will do into those careers.
So, if you support the Obama plan to nationalize health care, and years from now a loved one, your wife or husband, child or parent, dies because a new drug is still a few months away from approval, you can look yourself in the mirror and know that you share in the blame for that death. Less money for drug companies means less money for research and fewer bets on possible new drugs and devices. New, important, life-saving drugs will be slower to reach the market. And, those delays will kill thousands here and millions across the planet.
And, what do you think will happen if you pay doctors less? You're going to have fewer doctors. Is that too complicated or you?
Fewer of the smartest college students will choose to enter medicine. That's because choosing a career in medicine is extremely expensive and risky. You will have to pay high tuition fees for medical school and then spend years as an intern and resident with very little pay. For seven years or more, you will be spending more than you are earning. If you can't catch up once you can practice medicine you'd be a fool to choose that career.
Fewer doctors means longer waiting times to see one. And that means more people will die as result. It's not complicated.
Obama will increase our mortality rate. When it happens just don't say you weren't warned.