Panelists: James R. Copland, Director, Center for Legal Policy, Manhattan Institute; Michael K. Krauss, Professor of Law, George Mason University; Daniel E. Troy, Partner, Sidley Austin LLP and former Chief Counsel, Food and Drug Administration
Luncheon Keynote: Thomas J. Donohue, President & CEO, U.S. Chamber of Commerce
Trial Lawyers, Inc. behaves like the biggest of big businesses, grossing well over $40 billion per year in revenues—50 percent more than Microsoft and Intel, and twice as much as Coca-Cola. The health-care industry, which represents 15 percent of the U.S. economy, is the principal target for Trial Lawyers, Inc., threatening American health and wealth.
Trial Lawyers, Inc. claims to protect patients, but the Center for Legal Policy’s new report, Trial Lawyers, Inc.: Health Care: The Lawsuit Industry’s Effect on American Health 2005, shows that the reality is quite different:
- Doctor shortages: In New York, seven counties have no OB/GYNs at all.
- Hospital closures: In Philadelphia and its suburbs, eight maternity units have closed their doors in the past three years.
- Limited access to life-saving vaccines and innovative drugs: Drug companies like Wyeth and Merck face liability exposure roughly ten times their annual R&D budgets, leaving little incentive to develop new drugs.