Obama deserves some credit for his recent interest in innovation and the creative abilities of American entrepreneurs. Now, if only Team Obama would change their tune and review the many White House initiatives and policies that are killing innovation and punishing entrepreneurs.
The disconnect between Obama’s fascination with innovation and Washington’s continued hostility to innovators and risk takers in our economy has never been so stark. Even as Obama is talking about his intention to foster more innovation, American companies like Pfizer are announcing cuts of $2 billion in research and development.
Team Obama does not seem to understand that they have championed policies that are essentially adding “miracle grow” to the already tangled regulatory regime currently strangling American entrepreneurial energies. As a result, the task of bringing new and more innovative products to market in America has never been more difficult.
Pfizer is a good example. The company made the unusual move of cutting $2 billion in R&D costs because they have concluded that Obama’s FDA is unlikely to approve any new drugs or advanced medical therapies. Nor can you blame Pfizer for making this difficult, but rational, decision. Why would any company continue to invest billions in new product development and advanced research when the government is signaling that no matter how innovative, life saving, or fantastic the new discovery might be, Obama’s FDA is unlikely to approve it for release?
Regulations and bureaucratic red tape have been growing throughout all departments of the government. Admittedly, the Bush Administration made little effort to unwind stifling regulatory overreach, and too often acquiesced as Democrats in Congress loaded the boat with more regulations--all while convincing Americans that all problems could be solved with more oversight.
Democrats in congress don´t seem to have considered whether their simplistic demands for more oversight and regulations might produce harmful results as they hounded agencies such as the FDA. Democrats in Congress seem to think that pharma companies should bear full responsibility if even one person has a negative reaction, ignoring that the new drug might offer relief to millions. In short, what Congress wanted was a guarantee of zero risk.