[From: Bart Madden (2011.06.29.0700 CST)]
This is my first post on CSGNET. I have studied most all of the PCT books and have an interest in the application of PCT to economic problems in general, and in particular, the way of thinking about economic activity that PCT offers.
Briefly, my work has focused on financial economics and systems thinking, which was summarized in a 2010 book, Wealth Creation: A Systems Mindset for Building and Investing in Businesses for the Long Term, see www.LearningWhatWorks.com/papers/madden_9780470488683_rev.pdf.
Currently, I work on public policy issues with particular attention to a proposal to restructure the FDA to give patients far greater control of health options, while simultaneously making genuine progress in achieving the system goal of better drugs, sooner, at lower cost. For more background information, see www.freetochoosemedicine.com.
I would greatly appreciate comments/criticisms from a PCT perspective about the Free To Choose Medicine plan that is summarized in the paper listed below, available at http://ssrn.com/abstract=1868610.
Work is underway to introduce a Free To Choose Medicine bill in Congress along the lines of this paper. What have I missed?
SHARED VALUE FOR PATIENTS AND PHARMACEUTICAL COMPANIES
Bartley J. Madden
The U.S. drugs-to-patients system fails to achieve its overall system goal of better drugs, sooner, at lower cost. The key constraint that impedes achieving this goal is the FDA’s enormously expensive and time consuming clinical testing process. Fixing this constraint should be a strategic objective of the pharmaceutical industry. This objective is achievable through the Free To Choose Medicine plan, which would empower patients, advised by their doctors, to make informed decisions about whether to use approved drugs or new drugs in late stage clinical testing. Free To Choose Medicine would, in general, greatly increase the pace and effectiveness of pharmaceutical industry
innovations, and in particular, shift resources to the most skilled firms in developing breakthrough medicines. Free To Choose Medicine legislation would implement a dynamic, self-adjusting system focused on benefiting patients through fast-paced learning in ways that the FDA’s randomized control trials cannot accommodate. The result would be substantial shared value for patients and pharmaceutical companies.
Please do not post this electronic file on the web. Instead, reference
http://ssrn.com/abstract=1868610. Readers will then receive the most recent version of this paper.