Explain how far should the risk of side-effects be reduced

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Case Study: We can never be 100% certain about the safety and effectiveness of a new drug prior to its introduction to the market. Safety AND effectiveness testing are required before any drug or vaccine may be marketed in the United States. Once the Food and Drug Administration permits a vaccine to be marketed in the United States, the FDA and the drug manufacturers acquire additional (marginal) information about safety (side-effects) and thus reduce the risk that someone will be killed or harmed by an unanticipated side effect.

Question a. In terms of economics, how far should the risk of side-effects be reduced from thepatient's standpoint? In detail, explain your answer.

Question b. In terms of economics, how far should the risk of side-effects be reduced From theFDA Commissioner's standpoint? In detail, explain your answer.

Reference no: EM133328497

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