Assessing the long-term prospects for pandemic-focused product approvals and payment rules.
Economist and Nobel laureate Milton Friedman cautioned, “Nothing is so permanent as a temporary government program,” in his 1984 book, Tyranny of the Status Quo. While Friedman cited US agricultural subsidies as an example, a more compelling illustration is Bismarck’s imposition of a tax on champagne corks to fund the German fleet. The fleet ended up on the ocean floor, while the tax remains.
This principle comes to mind as the medtech industry and the healthcare system as a whole are having to operate under a variety of what are being called temporary policies designed to expedite treatment of COVID-19.