Last night ACSH's Jeff Stier attended a group of libertarian activists -- yes, those types -- called "Junto", which was begun by hedge fund manager Victor Niederhoffer. Dr. Alexander Tabarrok spoke on whether the FDA is "safe and effective."
The FDA has two problems, Tabarrok argues. It approves drugs very slowly -- leaving people to suffer and even die while they wait for approval -- and the approval process is so expensive that some drugs are simply never brought to market.
He cites the Sensor Pad, a very simple device consisting of two sheets of sealed plastic that sandwich a silicon lubricant and could be used for a breast self-exam. Or could have been -- if the FDA hadn't subjected the product's maker to years of bureaucratic delay, finally raiding the company and confiscating the pads.
Tabarrok argues for a reciprocity rule, where drugs that are approved in other developed countries could be brought to market in the U.S., bypassing the FDA's lengthy and expensive approval process.
"This would have a significant effect on lowering the cost of drugs," says Stier. "If it's good enough for Germany, then it should be good enough for us."