CAMBRIDGE, Mass. — The United States is the world’s richest country, and home to 10 of the 20 largest diagnostics companies. And yet, it not only has suffered more deaths from COVID-19 than any other country, but also remains highly vulnerable to a continued escalation. The reason is simple: there are not enough diagnostic tests.
“ Simply put, swift government intervention worked in South Korea, whereas the market’s invisible hand failed in the U.S. ” In the U.S., by contrast, delayed government intervention left markets in charge of meeting accelerating demand. As of March 20, the country had performed roughly 100,000 tests — some 300 per million people. New cases –— and the death toll — continued to rise.
“ Rather than relying on national governments to ensure the rapid development, production, and deployment of diagnostics during outbreaks, the world needs a global coordinating platform. ” The blueprint for such a platform already exists. The Coalition for Epidemic Preparedness Innovations is a coordinating mechanism focused on advancing vaccine development and facilitating clinical validation, mass-scale manufacturing, and stockpiling. By reducing uncertainty and minimizing disruptions, CEPI makes vaccine markets more secure, accessible, and dynamic.
The COVID-19 pandemic has shown that, left to their own devices, markets will not produce the kind of responsive diagnostics production that is vital during a disease outbreak. It has also shown that this failure can quickly produce a public-health catastrophe, even in an advanced economy with leading diagnostics firms.
The free market cannot plan for a once in a 100 years black swan
Of course. There isn't enough profit in preparing for a crisis, whereas a reaction to a crisis generates more.
Facscinating. I've seen multiple articles spin both opposite sides of that example.
Oh yeah, this PROVES that socialism works. Another indoctrinated idiot. By all means move to one of those countries, you think they're so great.
That's incredibly stupid, even for modern journalists. A market is where things are bought and sold. Did anyone offer the free market a contract for pandemic preparation? Perhaps you're a visitor to our planet? FFS!
lauferlaw Government falls apart when you run it like a business
😂😂😂😂😂😂😂😂
We need a communist style One World Government.