An Evaluation of Consumer Protection Legislation: The 1962 Drug Amendments

@article{Peltzman1973AnEO,
  title={An Evaluation of Consumer Protection Legislation: The 1962 Drug Amendments},
  author={S. Peltzman},
  journal={Journal of Political Economy},
  year={1973},
  volume={81},
  pages={1049 - 1091}
}
  • S. Peltzman
  • Published 1973
  • Economics
  • Journal of Political Economy
The 1962 drug amendments seek to prevent wasted expenditure stimulated by exaggerated claims for effectiveness of new drugs by requiring premarketing approval of all new drug claims by the Food and Drug Administration. The compliance costs are shown to have engendered a marked reduction in drug innovation. Consumer surplus analysis is then adapted and supplemented with "expert" drug evaluations to estimate the relevant benefits and costs. The main finding is that benefits forgone on effective… Expand
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