The EU also has regulations, but somehow it does not make insulin as expensive as in the US. Maybe the existence of a regulation is not the issue here.
Bad EU regulations and overregulation caused other problems. For example it is illegal for me to throw old socks full of holes into trash, I am supposed to take it to recycling centre on other side of the city.
As for the socks - my city has like ~5 locations where old textiles can be recycled, the closest one in slightly less than 1km from where I live. I see no problem with going there twice a year :)
Contrast this with contract and property law. These laws were created primarily out of common law, a long evolutionary process arising out of series of decisions from a judiciary attempting to reconcile conflicts between the parties. This is judicial or conciliatory law.
Crucially, most if not all the advances and the rise of extreme productivity from capitalism that supports populations in excess of 8 billion as opposed to about 0.5 billion, have come from emphasis and pre-eminence on the latter kind of law and the smashing of the former kind of law, i.e., the destruction of the guild system of privileges, removing or minimizing protectionist laws, etc. And the former kind of law has either been nominal, merely codifying the advances caused by the latter law like in the case of child labor, or it has been reactionary and hampered the progress of the latter sort of law.
So... You are assuming market regulations still exist? Because without those, no, bio-chemical industry is absolutely one that consolidates quickly.
I just throw them away with rubbish and get less supportive of people and institutions that created this law.
I see too much bad faith shit thrown around.
Note that I am not saying that they tried to push (or worse, capture) regulators to achieve that end. I'm just saying that they didn't mind.
This is a meaningless statement without specifics. It has absolutely nothing concrete in it that would actually inform someone about what drives insulin production. It's a wrong and overly simplifies.
Are you really saying the regulations regarding the actual production of insulin is what drives up costs? We've been manufacturing insulin for > 100 years now.
And can you find a single resource that agrees with your assessment?
When you say "big players", you mean the top 3 right? Would regulating monopolies in the pharmaceutical industry maybe be a good thing?
Why do other counties pay less if it costs so much to make? Why does regulation in the US make US consumers pay more but not Europe, for example?
Do you think PBM's have any part to play in this? What about over-zealous patents by the monopoly at the top?
Do you have any actual experience in this field or are you just parroting talking points?
"From when insulin is produced by the drug manufacturer to when it goes to a pharmacy, profit is extracted at every step of the way. The insulin market is dominated by three large drug manufacturers—Eli Lilly, Sanofi, and Novo Nordisk—that, with little competition, have raised their list prices in lockstep. But there are other players besides the Big Three that are contributing to the problem. Pharmacy benefit managers, or PBMs, contract with insurance carriers and act on behalf of the insurer to negotiate the price of insulin with the drug manufacturers. In negotiating the price, PBMs place a drug higher or lower on their tier of preferred drugs and receive rebates based on a percentage of the list price. This kind of system incentivizes high list prices, which determine the amount of co-insurance patients pay. And if patients have a high deductible or are uninsured, they might pay the entire list price."
https://medicine.yale.edu/news-article/the-price-of-insulin-...
My position is simply that it is better to solve problems by taking regulations away than piling them on.
Not sure how the US consumer benefits from being banned from having such choices?
The fact is that with insulin the regulation issues comes from the patchwork system of healthcare the US developped through political concesssionns and lobbying from private firms, which makes the developpment and the subsequent commercialization expensive relative to Europe where centralized national bodies negotiate with the pharma companies.
Regulation can be good or bad, in our era it is ineffective because politicians are boomers disconnected from the issues or in the EU a pseudo-technocratic (not really listening to technocrats recommendations) body far from reality
This series of posts is a nice forray into managerialism (the source of many regulation issues) https://baazaa.github.io/2024/10/16/managers_p1.html
Unlike the US, where federal minimal wage remained flat since 2009 or where Black Rock is buying all available housing to keep the prices as high as possible.
Regarding BlackRock, I'm disappointed to see what appears to be populist misinformation on HN: https://www.investopedia.com/no-blackrock-isnt-buying-all-th...
The blackrock thing seems like a myth, but private entities are also buying housing en masse in Spain for exammple
Many other countries have official minimum wages and a big % of people working black, unreported because the minimum wage is to high relative to the average (Spain, Greece, Italy)