With socialism comes stagnation 2

Invention depends on individuals, even if they work in teams, having new ideas and incentive to develop them.

Socialized medicine takes away incentive for innovators to advance medical research.

This is from Investor’s Business Daily:

There are many problems on the health care road the country is being forced to take. But one not getting as much attention as it should is the harm done to a critically important sector: medical innovation.

The high costs, restricted choices and eventual rationing that will result from the Democrats’ health care plan are being discussed to varying degrees by those who are uncomfortable with what’s being rushed through Congress. But the final legislation’s effect on medical innovation has been somewhat lost with so much attention focused elsewhere. So let us clarify:

The Democrats’ plan will slow innovation of pharmaceuticals and medical devices. …

If the profit motive is removed or weakened by legislation increasing Washington’s control of health care, drug companies and medical device makers will lose the incentive to bring lifesaving and life-enhancing products to market. For now, the rest of the world follows America because the socialist health care systems abroad discourage innovation. But the U.S. will fall back to the pack under a health care regime designed by the Democrats.

  • Bill

    This is what worries me most about the liberals' health care agenda – destroying what's left of innovation. Lots of people died because the FDA took too long to approve life saving drugs that came on the market. In 1980 I was in my early 20s and I read popular science magazines predicting aging will be reversed in ten to fifteen years. That 80 year olds will have the physiques of 25 year olds.

    We keep seeing these predictions pushed back another fifeen or twenty years. Why? Innovation is being destroyed. Fortunately I have been very health-conscious since the late 1970s. Now there is less hope. The nanny state is destroying all hope for longer and more youthful lives.

    • aeschines

      Innovation does suffer under socialism. That's not my biggest worry, though, with Obama's health policies.

      It's that he wants to focus on

      “6. Invest in Prevention and Wellness. The plan must invest in public health measures proven to reduce cost drivers in our system—such as obesity, sedentary lifestyles, and smoking — as well as guarantee access to proven preventive treatments.”

      That is the road to socialist hell.