Dear Gov. Hassan,
The Concord Monitor reports on your letter to the FDA urging the agency to speed review and approval of generic EpiPen substitutes. I can only hope the FDA takes your advice. As any economist will tell you, competition among producers drive down the costs of goods. When competition is restricted, in this case by the FDA’s approval process, it allows a firm to earn “extra-normal” profits, which drives up the monetary costs for all of us. I also hope you do not stop at just EpiPens but urge the FDA to speed up (or eliminate) their approval of all pending drugs. The more drugs that hit the market, the more competition there will be, and the sooner we can address rising medical care costs here in the United States.
Ph.D Fellow, Mercatus Center at George Mason University