technology — VOICES for REASON

In a recent series of posts I discussed how increased government control over health care in America would devastate the medical technology industry and stifle innovation. But the negative effect that government interference has on innovation is true for any industry. From cookware to computers, men will only invest time, money and thought on developing new products if they project the payoff to be worth it. The more the success of a potential product is subject to the dictates of Washington bureaucrats, the less likely that potentiality will be made real. The more regulatory hurdles one has to overcome to achieve a dream, the less likely one will make the effort to overcome them.

This past Monday bore witness to the achievements possible to man when he is left free. In a hangar in the Mojave desert, Sir Richard Branson and his team at Virgin Galactic lifted the veil off Space Ship Two, the world’s first commercial spacecraft. Space Ship Two will take passengers to a height of 68 miles above Earth, well beyond the recognized border of space. It is one of a number of private spacecraft being developed in the nascent space tourism industry, which will make it possible for private citizens to experience wonders previously reserved for government astronauts.

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On Friday I discussed the life-serving benefits made possible by the thriving, but fragile, medical technology industry in the United States. Literally millions of lives have been bettered and extended by the products this industry has created, such as defibrillators and advanced surgical tools. For an idea of how amazing the technology in this field is, consider that Paralympian amputees are now argued to have an advantage over non-handicapped, Olympian athletes. It’s not a pipe dream that advances in this industry might one day soon be able to restore sight to the blind, or complex motion to the paralyzed.

Not a pipe dream, that is, unless any of the health-care reforms in Congress come to pass.

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America is the world leader in medical device innovation, producing more new medical devices annually than any other nation. Its medical technology industry is responsible for nearly two million jobs and is one bright spot in a health-care system with many flaws. Yet, as I’ll discuss here and in my next post, if the health-care reforms presently advancing through Congress are enacted, the medical technology industry as we know it may be severely cut down.

Let’s begin with the good.

What exactly does the medical technology industry do? It designs and manufactures products ranging from stethoscopes to artificial knees to drug delivery systems to imaging machines. These devices better the lives of everyone who steps into a doctor’s office or hospital. They facilitate the delivery of medical care; they reduce the need for surgery and cut recovery time; they make living with chronic diseases manageable; they keep people from dying prematurely.

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