21st Century Capitalism and Innovation for Health

Abstract

21st century capitalism undermines health outcomes in myriad ways. Structural economic changes have had negative effects on medical innovation and public health and are poorly aligned with social goals. Key features of the contemporary political economy include both monopoly capitalism, based upon stringent intellectual (IP) protection that suppresses economic competition, and Wall Street capitalism, or financialization, that prioritizes value extraction over value creation to maximize shareholder value. Contemporary trends in the pharmaceutical and medical device industries, digital health, and regulatory change demonstrate some of the negative impacts of 21st century capitalism on public health.