The News Tribune of Missouri published an op-ed this week by Ron Fitzwater, CEO of the Missouri Pharmacy Association. Fitzwater explains the difficulties that the pharmaceutical industry, and businesses in general, face in keeping up with the size and scope of increasing regulations. He contends that although there are obviously good and prudent reasons for regulation and licensing, problems occur when community pharmacies are subject to multiple, overlapping regulatory jurisdictions that absorb more and more time and expense.
Fitzwater wrote: “America’s community pharmacies generate more than $93 billion in economic output annually and employ more than 240,000 nationwide. Lately, I hear more and more business owners talk about how they simply can’t invest, expand or hire because the unpredictability of these regulations make it difficult for industries, to invest in the future.”
He ends by suggesting that we can work towards a regulatory system of openness in which research and data models that underpin business decisions are shared with business. He says that reviews of new regulatory proposals should be conducted by experts with a thorough cost-benefit analysis and that enforcement actions should be exercised with good judgment. A balanced approach as such to regulatory change will allow businesses to get back to job creation, economic growth, and public service.