European drugmakers turn to U.S.

The Philadephia Inquirer reports on how European drugmakers would rather be in the U.S.:

European drugmakers are turning to the United States to find and develop new medicines. And that has been an economic boon for the Philadelphia region.

From Philadelphia and its suburbs, where 1 in 10 of all U.S. drug industry jobs is located, to the biotechnology labs of Cambridge, European pharmaceutical companies are spending huge sums on new or expanded labs, investing in local start-up companies, and generating jobs, tax revenue and other economic advantages.

These benefits are the flip side of soaring prescription drug prices, which have been fueling a caustic American debate over what should be done and what action, if any, government should take.

Drugmakers say that the lack of price controls, so prevalent in Europe, along with the nation's huge pool of scientific talent, vast government funding for research, and market size, is the reason they are focusing on the United States.

Socialist medicine kills incentives for research.Read this article and show it to those who think we need to adopt Europe's failed medical system.