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August 22, 2006

The Cost of International Drug Piracy In California

by Peter Pitts

Professor Philip Romero of the University of Oregon, and economic advisor to former California Governor Pete Wilson, has issued a damning report on the negative welfare consequences of normalizing the illegal diversion of prescription drugs into the U.S., as recently proposed by Governor Schwarzenegger. Basically, stripping away drug makers’ rights to enjoy the fruits of their own invention will deestroy investors’ willingness to risk their capital in California’s biotech industry. Up to 100,000 biotech jobs will be lost in the Golden State and $3 billion in economic growth. That’s a heck of a price to pay for a policy that won’t even result in lower-priced drugs in the long term!

Posted by Peter Pitts at August 22, 2006 09:32 AM

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