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Thread below on an article I published today at The Conversation:
https://theconversation.com/how-the-civil-war-drove-medical-innovation-and-the-pandemic-could-too-144181
The article draws out lessons we can learn from economic history (including back to the Civil War) about the recipe for hastening vaccine and test development.
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https://theconversation.com/how-the-civil-war-drove-medical-innovation-and-the-pandemic-could-too-144181
The article draws out lessons we can learn from economic history (including back to the Civil War) about the recipe for hastening vaccine and test development.
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The theme is that medical innovation is hastened by large markets, clear regulatory standards, and clear incentives.
This intuitive mix of forces has been shown to be important in a body of economics research that includes some of my favorite material to teach.
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This intuitive mix of forces has been shown to be important in a body of economics research that includes some of my favorite material to teach.
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The pandemic has created a massive market for new PPE, tests, and vaccines.
To hasten innovation, we need government to keep the relevant regulatory standards and financial incentives as clear as possible.
High social returns also call for generous public investment.
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To hasten innovation, we need government to keep the relevant regulatory standards and financial incentives as clear as possible.
High social returns also call for generous public investment.
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Regarding vaccines, the article's discussion of policy prescriptions points to the "Advance Market Commitment" proposal of @Susan_Athey, Christopher Snyder, Michael Kremer, and
@ATabarrok:
https://www.nytimes.com/2020/05/04/opinion/coronavirus-vaccine.html
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@ATabarrok:
https://www.nytimes.com/2020/05/04/opinion/coronavirus-vaccine.html
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Regarding tests, I point to an insightful discussion of rapid testing by Laurence Kotlikoff and @michaelmina_lab:
https://www.nytimes.com/2020/07/03/opinion/coronavirus-tests.html
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https://www.nytimes.com/2020/07/03/opinion/coronavirus-tests.html
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The article also highlights how some of the U.S. government's early moves on the testing front were harmful, making it important to correct course.
Examples include the botched rollout of the CDC's testing kit and the FDA's dealings with the Gates-backed testing program.
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Examples include the botched rollout of the CDC's testing kit and the FDA's dealings with the Gates-backed testing program.
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We can do better through proposals like those mentioned above RE Advance Market Commitments for vaccines and fast-tracked approval for rapid tests.
I hope people enjoy the article. Please share!
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I hope people enjoy the article. Please share!
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