Does Thiel address that point, or argue that there should be exceptions for American pharma companies?
Our healthcare industry is psuedo-nationalized, in the sense that we have an inefficient domestic market in order to subsidize our ridiculously expensive regulatory approval process, all of which provides enough excess cash flow to fund lots of good research. Things would be different with fewer trade barriers, but the main result is that either a) the FDA would get weaker, or b) our domestic pharma industry would look a lot like that of e.g. India (cheap stuff derived from other people's research, not as much new stuff). I guess we'd buy the next generation of Lipitor, Prozac, and Viagra from the Swiss.
Our healthcare industry is psuedo-nationalized, in the sense that we have an inefficient domestic market in order to subsidize our ridiculously expensive regulatory approval process, all of which provides enough excess cash flow to fund lots of good research. Things would be different with fewer trade barriers, but the main result is that either a) the FDA would get weaker, or b) our domestic pharma industry would look a lot like that of e.g. India (cheap stuff derived from other people's research, not as much new stuff). I guess we'd buy the next generation of Lipitor, Prozac, and Viagra from the Swiss.