WASHINGTON -- The California biotechnology industry recently gathered for its annual CALBIO conference. Participants were excited at the prospect of developing new medical miracles. But the potential of government interference hung over the proceedings like dark clouds on the horizon.
Nearly $50 billion was spent last year in pharmaceutical and biotech research and development. The big drugmakers devoted $38.8 billion to finding new cures. A bevy of smaller biotech companies spent another $10.5 billion.
The U.S. dominates the biopharmaceutical industry world wide. America's advantage is not that its citizens are smarter, better educated, or nicer. Rather, America is freer.