Innovation and investment, including in buildings and occupancy, is not only hindered by interest rates. Governments can do much more to stabilize the economy than control inflation. Innovation in health care is not only dependent on governments recognizing the value of that innovation, especially when it comes to its promise of disease prevention. The investor community has been assuming extraordinary risk for decades, but that risk has yielded unprecedented rewards in far better diagnostics that can be identified before the disease is well-established and advanced. I did. But much of this progress has been paralyzed because policymakers and regulators have long dismissed the need to pay for prevention, largely due to upfront costs.
The true potential of the life sciences industry can only be realized in a regulatory environment that prioritizes prevention alongside treatment. Policymakers hold the key to unlocking this potential by modernizing approaches to disease prevention, management, and progression.
The Department of Health and Human Services has long been reacting to innovation rather than leading it, and its reactions have too often been slow and bureaucratic. By accelerating prevention research and development and modernizing coverage decisions aimed at preventing disease, HHS could inject more energy into life sciences than any single rate cut ever could. there is. Such measures are not only prudent fiscal policy, they are also essential to reduce health care costs, improve public health outcomes, and ease the burden on health systems.
The success of the life sciences sector depends on governments adopting a holistic approach to treatment and prevention. Recognizing the broader impact of government actions beyond monetary policy can ensure that the life sciences industry receives the support it needs to grow and make significant strides in preventing disease and improving healthcare. .
Seema Singh Bang, Philadelphia
Libby Marin, chevy chase
The authors are former senior officials in the House and Senate and public health advocates.