August 21, 2014
ANNALS OF REGULATION: The FDA’s Mad Medicine.
My first thought while reading the article was that this is outrageous judicial overreach in a state that has historically been somewhat known for being friendly to plaintiffs. It is, I thought, just allowing plaintiffs to go in search of the deepest pockets in the hopes of getting the largest possible recovery.
Then I read further. And it turns out that generic manufacturers are not allowed to put warning labels on drugs unless those warnings are also in the warning label for the original brand-name drug. That’s when I realized that this was a classic case of outrageous regulatory incompetence. Oblivious bureaucrats at the Food and Drug Administration created a ridiculous situation in which Pfizer can be sued for a product it didn’t make.
Then I read further. And it turns out that the FDA has proposed a new rule that would allow generic-drug manufacturers to add labeling to their products independently. And guess who’s blocking it?
The generic drug manufacturers, of course. They’ve got a pretty sweet deal right now: They get the profits, while the folks who actually did all that expensive research to develop the drug bear a lot of the liability. They’re in no hurry to have that change.
Remember: Government is just a word for the things we choose to do together. Like protect well-funded cronies at the expense of the public interest.