As debate about the President’s budget for 2012 takes center stage, Michael Milken’s opinion piece in last week’s Wall Street Journal is more timely and apropos than ever. Milken underscores the need to invest in our own health, noting that “improved public health translates directly into greater national productivity, which underpins all economic growth.” But incentives in health care investment are not aligned. The stock market values companies that make cosmetics and beer far above pharmaceutical companies that develop life-saving drugs.
He presents public-policy steps that can remove some barriers to growth in medical research – matching the inducements of other countries, recognizing ROI in federal health research, supporting prevention, and giving the FDA adequate resources. Read the piece in its entirety.