Best columns: Business

Hawking those ‘must-have’ medicines

David Lazarus

Los Angeles Times

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“You’d probably be interested in a drug that’ll keep you peppy, even when you’re running on fumes,” said David Lazarus in the Los Angeles Times. But what about a drug “that can cause depression, anxiety, hallucinations, psychosis, mania, and suicidal thoughts?” You’d have to sift through the fine print in newspaper ads to learn that these drugs are one and the same: Provigil, which is being marketed by Cephalon Inc. as the solution for something called “excessive sleepiness.” Welcome to the world of “direct-to-consumer marketing,” in which drug makers bypass medical professionals and sell their wares directly to the public. In the last few years, spending on such advertising has more than quadrupled. But critics say that by turning prescription drugs “into just another gotta-have-it consumer product,” drug companies are doing more harm than good. In many cases, cheaper generic versions of drugs are available, but patients nevertheless demand the brands they hear about on TV commercials and in print ads. Moreover, patients have a tendency to brush off the potential side effects, in pursuit of the “cheerful imagery” presented in the ads. Provigil, the ads say, can help “fight the fog.” Ironic, no?

The real purpose of the ‘stimulus package’

Jonathan Hoenig

SmartMoney.com

They’re calling it a “stimulus plan,” said Jonathan Hoenig in SmartMoney.com, but “shell game” is more like it. The $168 billion package approved by Congress and President Bush last week was supposedly designed to boost the economy, but all it will actually boost is “the dismal favorability ratings of both the president and Congress.” The plan gives tax rebates of up to $600 to individuals making $75,000 or less and up to $1,200 to couples making $150,000 or less. Most people will likely use their windfall to pay off credit cards and other bills, so its impact on the broader economy will be minimal. The truth is, “wealth isn’t built by stimulating consumption but by incentivizing production.” If policymakers really wanted to “stimulate” the economy, they’d cut taxes across the board, “especially on the high-income individuals whose productive efforts create the wealth.” But hey, this is an election year, and Washington has other things on its mind—namely, pacifying the public “just long enough for Democrats’ liberal guilt to be assuaged, Bush’s sagging poll numbers to rise, and presidential ballots to be cast.”