Pfizer recently announced reducing its budget for the research and development of new life saving drugs by a whopping $2 billion dollars. Even if the money and jobs doesn’t concern you because you hate big “Pharma”, evil corporate executives, and capitalism in general, the new drugs that may have been developed to save your life one day are on life support.
Capitalism is simple; investment is made when rewards can be realized. The rewards are profits that can be used to pay people to develop more products to make more profits. The outcome is jobs, investment, charity, and overall economic growth. The reason the company has made this decision is based on the reality of the FDA’s over bearing regulations that will most likely make any of these investments into new drugs a total waste of time. The company does not believe any drugs in the future will be approved by the FDA. So the investment being made is unlikely to be realized. In the real world what that means is an assault on our system; capitalism.
Obama talks about innovation and corporate “responsibility” as he enters campaign mode, but what he has created behind the scenes is a bureaucratic nightmare. Obama talks about a “partnership” between the private sector and government. There is no such thing. The only responsibility of the government is to insure commerce moves between the states in a regular fashion. The federal bureaucracy is out of control and now trying to regulate us to prosperity. You can’t regulate the economic prosperity by being the gate keeper of new drugs into the market place. The process to get drugs to market has become so burdensome that it is no longer worth it to make those drugs. That is what the government has done as a “partner”.
The rule of law needs to be enforced in a free market place. That is the role of government. It is not the role of the federal government to micro manage as a “partner” in the private sector. That is a complete distortion of the free market economy. This president has NEVER created a job in the private sector. He has never worked in an industry that had to innovate and develop a product to survive. He is completely ignorant of the free market and is creating an atmosphere that is stifling American ingenuity. Why do you think companies are moving offshore? It is not simply lower wages; it is because they are looking for places that still respect the free market.
Companies do not exist for the sake of creating jobs and investing in communities although that is the result of successful companies. Companies exist to make a profit. If they can’t make a profit here in America they will go where they need to or go out of business. The government’s role is to stay out of the way unless laws are broken in the process. Less regulation and intrusion will fuel economic prosperity.
Pfizer is just the beginning and the effects will be felt for years to come if we don’t reign in this out of control federal bureaucracy. The future drugs that may have prevented or cured common diseases of today have been stopped by the FDA. One day we will look back and wonder why our mortality rate has rescinded. This administration and philosophy is making America sick…
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