A Brief Note On The Cost Of Advancement

1960 Words Aug 4th, 2015 8 Pages
Economics Research Paper:
The Cost of Advancement
Benton Baker
Loma Linda University School of Public Health

The Cost of Advancement
Throughout the past 50 years the average life expectancy of the world has increased steadily to where it sit now at 71 years.1 This increase can be attributed to many things ranging from the improvement in farming techniques to allow for greater yields of crops, to the lack of globally involved wars, improved industrial practices, and advancement of medical knowledge and technology which is what I will be focusing on in this paper. This advancement has come in many shapes and forms, whether it be from improved hygiene, new drugs, vaccines, new and improved medical procedures, better monitoring equipment, or even preventative tests and early diagnosis, all of this has played a part in increasing global life expectancy through the years. In this paper I will focus in on one of these aspects: drugs. Big pharmaceutical companies have been extremely busy with research and development for new drugs. For example, 41 new drugs received FDA approval in 2014 alone.2 This number is more than every other year in nearly the past 20 years. This just shows how far we’re coming along and how many new options there are for patients who might not have had the options for their ailments previously. As with anything new, you end up paying more than you would if it were to be a couple years old. In this paper I will discuss what…
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