Should testing procedure be abbreviated in order to get drug

Assignment Help Microeconomics
Reference no: EM131524595

Question: FDA AND THE TESTING OF EXPERIMENTAL DRUGS

The Food and Drug Administration (FDA) of the federal government is one of the largest consumerprotection agencies in the world. One of the FDA's charges is to ensure that drugs sold to consumers do not pose health threats. As a result, the testing procedure that leads to a new drug's approval is rigorous and demanding. So much so, in fact, that some policy makers are calling for less stringent standards. Here are some of the dilemmas that FDA faces:

? If an experimental drug shows promise in the treatment of a dangerous disease such as AIDS, should the testing procedure be abbreviated in order to get the drug to market more quickly?

? The FDA already is a large and costly bureaucracy. By easing testing standards, substantial dollars could be saved. But would it be more likely that a dangerous drug would be approved? What are the costs of such a mistake? A fundamental trade-off is involved here. What are we gaining in the way of assurance of safe drugs, and what are we giving up by keeping the drugs away from the general public for an additional year or two?

1. What are the consequences (both good and bad) of keeping a drug from consumers for some required period of rigorous testing?

2. What are the consequences (both good and bad) of allowing drugs to reach consumers with less stringent testing?

3. Imagine that you are the FDA's commissioner. A pharmaceutical company requests special permission to rush a new AIDS drug to market.

On the basis of a first round of tests, the company estimates that the new drug will save the lives of 200 AIDS victims in the first year. Your favorite pharmacologist expresses reservations, however, claiming that without running the complete series of tests, he fears that the drug may have as-yet-undetermined but serious side effects. What decision would you make? Why?

4. Suppose that the drug in Question 3 was for arthritis. It could be used by any individual who suffers from arthritis and, according to the preliminary tests, would be able to cure up to 80% of rheumatoid arthritis cases. But your pharmacologist expresses the same reservations as for the AIDS drug. Now what decision would you make? Why?

Reference no: EM131524595

Questions Cloud

Assess challenges of manager providing feedback to employees : Please respond to the following: Assess the challenges of managers providing accurate, timely, and effective feedback to employees.
Does the producer of the text have a particular goal in mind : Should this text be distributed further? Why or why not? Do new texts need to be produced to counter this particular representation of the city?
Can you say anything about an implicit trade-off rate : Paul Lambert was in a difficult situation. When he started his current job 5 years ago, he understood clearly that he would be working on sensitive defense.
Create a situation analysis for the google : In this assignment, you will create a Situation Analysis for one of the following companies / brands: Jeep Cherokee, Amazon, or Google.
Should testing procedure be abbreviated in order to get drug : The Food and Drug Administration (FDA) of the federal government is one of the largest consumerprotection agencies in the world. One of the FDA's charges.
Wisconsin statute paralleled antidiscrimination : Wisconsin v. Mitchell (1993)-the Court found that the Wisconsin statute paralleled antidiscrimination laws which had been found to comply.
Discuss about the multiple intelligences theory : Discuss two of the following theories: behaviorist, humanistic, constructivist (both Piaget and Vygotsky), and multiple intelligences.
Describe background information about the agency : Describe background information about the agency, mission, goals, objectives, departments, and strategic plan. (Title this section Introduction.)
What does it mean span of management : For the relationship of employees to management, what does it mean span of management?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd