Avoid the disastrous road to regulatory capture
SummaryA vigil must always be maintained to ensure that public regulators never demote or devalue the interests of Indian citizens
The TV series Dopesick, a dramatized retelling of how the notorious medicine OxyContin fuelled America’s opioid epidemic, hints that drug maker Purdue Pharma may have lobbied regulator Food and Drug Administration (FDA) into labelling its pill as ‘non-addictive’ even though it was designed to induce addiction, and resulted in many cases of over-dosing and deaths. Purdue’s baleful shadow of influence over the US regulator (which includes employing former FDA officials) fits what policy geeks define as “regulatory capture". As planet Earth gets ready for another orbit around the sun, it might be instructive to understand how regulatory capture is affecting the Indian economy.