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Marcia Angell, the Bad Penny

Seems like Marcia Angell keeps turning up again and again like a bad penny. This time, she was on Econ Talk, which is an economics podcast. Alex Tabarrok says it best on Marginal Revolution:

Angell is like the financial expert who recommends that a family save money by selling its car forgetting that without a car it makes it much harder to get to work.

Later Angell tries a third claim namely that pharma companies do no innovation because their R&D budget is mostly spent on clinical trials and, “it’s no secret how to do a clinical trial.” I find this line of reasoning bizarre. [….] Angell’s understanding of innovation is cramped and limited, she thinks it begins and ends with basic science in a university lab.

In summary, Marcia Angell seems to understands neither business, nor economics, nor really how science in industry works. Even former interim editors-in-chief of the New England Journal of Medicine can turn out to be bad eggs, er, pennies.