The Federal Government Destroys the Return to Pharmaceutical developing new drugs and now the government wants to develop new drugs
The Obama administration has become so concerned about the slowing pace of new drugs coming out of the pharmaceutical industry that officials have decided to start a billion-dollar government drug development center to help create medicines.
The new effort comes as many large drug makers, unable to find enough new drugs, are paring back research. Promising discoveries in illnesses like depression and Parkinson’s that once would have led to clinical trials are instead going unexplored because companies have neither the will nor the resources to undertake the effort.
The initial financing of the government’s new drug center is relatively small compared with the $45.8 billion that the industry estimates it invested in research in 2009. The cost of bringing a single drug to market can exceed $1 billion, according to some estimates, and drug companies have typically spent twice as much on marketing as on research, a business model that is increasingly suspect. . . .
“None of this is intended to be competitive with the private sector,” Dr. Collins said. . . .
Whether the government can succeed where private industry has failed . . .
UPDATE: "“Startup America,” the administration's new campaign designed to put the focus on jobs and inspiring Americans to think like entrepreneurs." Is this ironic?
As much of Washington kept its gaze on protests in Egpyt on Monday, President Obama's Cabinet sought to turn attention to “Startup America,” the administration's new campaign designed to put the focus on jobs and inspiring Americans to think like entrepreneurs.
“It’s quite clear that some of the biggest employers in the nation ... started in somebody’s garage as just an idea that they had,” economic adviser Austan Goolsbee said at the White House along with Cabinet secretaries and other members of the administration. “And whether you look at innovation itself and new ideas, if you look at employment, if you look at the growth that gives people careers – all of those things are tied to entrepreneurial ventures in a quite ... direct way.”
Gene Sperling, Obama's new director of the National Economic Council, said a bill for small businesses signed by Obama was “just the start,” calling the new policy measures a “top priority” for the president.