“fast track approval of foreign drugs”
Perhaps, full recognition of European Medicines Agency approvals on a par with FDA approvals is in order.
The drug industry pipeline has many drugs in development.
Approval time and Phase III testing costs could be cut in nearly in half.
Brexit may complicate this since the EMA is in the UK now.
The same should be done with medical devices and medical supplies.
I truly hate to sing the praises of Walmart, but they actually did something good that saved untold lives. A 50 count pack of diabetic testing strips cost well over $100. A windfall for the US companies with so many people being diagnosed with diabetes. But well beyond the means of most Americans.
Well along comes Walmart with their topnotch lawyers, market vision and huge poor (and diabetic) customer base. They release their own test meters for $15 and 50 count test strips for $8. Less when they are on sale. So cheap that your average walmart customer can easily spring for a month’s supply. It saved lives.
The same can be done with medical devices. There is no reason Stryker should hold a near monopoly on knee and other implants. I fail to believe that many other topnotch companies couldn’t make similar or better products for pennies on the dollar.