The Market Can’t Regulate Itself

So we need objective third parties such as the FDA to regulate it. So goes the conventional wisdom, yet every time the FDA’s methodology or objectivity are reviewed they are found wanting. A private certification firm that behaved this way would be driven out of business overnight by its competition-witness Andersen-but the FDA has congressional cover making drug efficacy and safety claims its domain alone. So we shouldn’t be surprised that regulatory capture has rendered the FDA not only completely impotent, but harmful when it comes to regulating and reporting on drugs. This story is courtesy of Slate, a bastion of progressive big government believers if ever one existed. H/T Kevin S.

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