Report: FDA delays cost trillions, slow lifesaving drugs
A new report argues that speeding up Food and Drug Administration reviews could unlock trillions of dollars in economic value and get lifesaving treatments to patients faster. Economist and former acting chairman of the White House Council of Economic Advisers Tomas Philipson told Fox News Digital that the process takes about a decade from start to finish, with most time spent on effectiveness trials rather than safety. The paper, titled “The Multi-Trillion Dollar Opportunity in Reforming the FDA,” estimates that cutting FDA effectiveness-review timelines by one year could generate more than $10 trillion in economic value. Philipson also argued that faster approvals could lower prescription drug costs by increasing competition among manufacturers. The report warns that China’s faster, lower-cost clinical trial system could lure investment and drug development activity away from the United States. The authors propose reforms including greater use of artificial intelligence in drug reviews, faster clinical trial designs, and broader access to “right to try” programs.
What’s reported
The report is titled “The Multi-Trillion Dollar Opportunity in Reforming the FDA.”
Cutting FDA effectiveness-review timelines by one year could generate more than $10 trillion in economic value, according to the report.
Economists say it takes about a decade from start to finish to come through the FDA, with most time spent on effectiveness trials, not safety.
Faster approvals could help lower prescription drug costs by increasing competition, per the report.
China’s faster, lower-cost clinical trial system could lure investment and drug development activity away from the United States.
Proposed reforms include greater use of artificial intelligence in drug reviews, faster clinical trial designs, and broader access to “right to try” programs.
Key figures
Tomas Philipson, economist and former acting chairman of the White House Council of Economic Advisers.
Sources: foxnews.com
