FDA product approval reform should consider differences between buyers and sellers -- PFF.
This article was originally published in The Tan Sheet
Executive Summary
MEDICAL PRODUCT APPROVAL PROCESS SHOULD RECOGNIZE "INFORMATION ASYMMETRY" between buyers and sellers, according to a Progress & Freedom Foundation draft "white paper" on medical innovation released Feb. 3. "Sellers of medical products frequently know more about their products than buyers, and this can be harmful to the proper functioning of the market," the foundation wrote. Nonetheless, "the focus of drug regulation has shifted, from trying to correct this information asymmetry to becoming a central participant in...generating and disseminating information," the organization maintained.
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