ObamaCare: Stifling Innovation
“The overwhelming majority of the world’s health-care innovation occurs in the U.S.,” Dr. Scott Atlas noted in an October Wall Street Journal op-ed. “This includes ground-breaking drug treatments, surgical procedures, medical devices, patents, diagnostics and much more.... A recent R&D Magazine survey of industry leaders in 63 countries ranked the U.S. No. 1 in the world for health-care innovation.”
One big reason for the United States’ lead in healthcare innovation is that despite much government intervention, until recently our healthcare system — unlike those of many other countries — retained at least some ties to the free market. The way to profit in the free market, of course, is to meet the needs of consumers; and in the healthcare arena, that means coming up with newer, better, and less expensive treatments for the myriad maladies that afflict the human race.
ObamaCare changes all that. The misnamed Patient Protection and Affordable Care Act (ACA) distorts the healthcare market with its taxes, subsidies, cost controls, and other regulations, causing resources to be directed toward political rather than economic ends.
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