To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the US. Sometimes this means that a company must test a drug for years before receiving FDA approval and reaching the market. We can easily identify the "winners" in this system as those who are protected from unsafe drugs that might otherwise harm them.Who are the more "anonymous losers" who suffer due to the strict FDA medical regulations? Explain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).

To guarantee the security and efficacy of medical goods and services, government organizations and…

Answered: To ensure safety and efficacy, the Food…

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter14: Medical Care Systems Worldwide

Section: Chapter Questions

Problem 7QAP

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To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the US. Sometimes this means that a company must test a drug for years before receiving FDA approval and reaching the market. We can easily identify the "winners" in this system as those who are protected from unsafe drugs that might otherwise harm them.

Who are the more "anonymous losers" who suffer due to the strict FDA medical regulations?

Explain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).

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