What Cures Are We Missing Out On?
MIT economist shows how powerful incentives block urgently needed research.
MacArthur Foundation "genius" grant recipient Heidi Williams.
Photographer: Aynsley Floyd/AP Imges for John D. and Catherine T. MacArthur FoundationThis article is for subscribers only.
Imagine a pill that eliminates the risk of cancer if you take it for 20 years. Such a breakthrough would become a blockbuster drug, making many billions in profit for the pharmaceutical company that discovered it, right?
In fact, it might never be developed, as research from MIT economist Heidi Williams illustrates. Williams was awarded a MacArthur Foundation “genius” grant yesterday for investigating how invisible incentives built into the economy affect the kinds of cures the medical industry produces.