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- W96277209 abstract "America’s biotechnology industry is the envy of the world. No other country hosts more, bigger, and more innovative biotechnology firms than the United States. Since the late 1970s, a range of federal policies have stimulated the supply-side for these technologies. Mostly unnoticed – until recently, however – has been the impact of the demand side for the comparative advantage that America’s biotechnology industry enjoys: A fragmented healthcare system without an overarching federal drug pricing authority. As a consequence, Americans spend more on prescription drugs than citizens in any other country of the world. In particular, the most recent, most advanced biotechnology-based medicines that could easily run costs of tens of thousands of dollars annually have exacerbated the tension in America’s healthcare system: High prices are seen by some as too exclusionary, but for others they are the industry’s raison d’etre. This paper will present the access to biotechnology drugs as a case study of how America’s market-based healthcare system mediates between conflicting rights: It allows studying how individual behavior, products, corporate practices, and budgetary constraints contradict the rights of other parties. Should it, for instance, be left to the market alone to determine that an investor in biotechnology has a right to recoup a higher profit than from investing in other assets, for instance real estate? These are ultimately political decisions. Against this backdrop, the proposed paper scrutinizes the politics and the interest group representation of the biotechnology industry during President Obama’s healthcare reform. Unlike in the 1990s when the industry flatly opposed President Clinton’s healthcare overhaul, this time biotechnology firms and their interest group representatives pursued a more conciliatory, flexible lobbying strategy. As a consequence, the Patient Protection and Affordable Care Act, passed by Congress and signed into law by the President in March 2010, includes a number of giveaways to the industry. If implemented, the Act would for example perpetuate the lack of an overarching governmental mechanism for price control for drugs. But would this move the burden of cost control to private insurance companies and what would this imply for the biotechnology industry? This paper will discuss these and other implications of Obamacare for the innovation model of the biotechnology industry on the one hand and the right of patients to access the most advanced technologies on the other." @default.
- W96277209 created "2016-06-24" @default.
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- W96277209 date "2011-01-01" @default.
- W96277209 modified "2023-10-03" @default.
- W96277209 title "A Shot in the Arm? Implications of Obamacare for the Biotechnology Industry" @default.
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