So last night, my girlfriend's brother (Communist) and his wife came over for dinner.
He knows I'm a big investor in healthcare sciences (pharma and biotech). I mentioned that my biotechs have been DESTROYED over the past 3 months due to chatter of higher corporate taxes (higher taxes equals less cash equals less M&A equals lower share prices) and talk from Ds of potentially getting rid of IP rights.
Her brother was like "I'm sorry you lost...but getting rid of IP rights of biotechs and pharma is good for society".
I said "How?! How is that 'good' for society?"
He said:
"If the government eliminates the IP rights, prices come down. Because generic companies can make expensive drugs for pennies. That's good for society, because everybody can get the meds they need".
My response:
"That is a ONE time fix that is great in the short run and catastrophic in the long run. Why? First the companies can't make money if their IP is stolen by government. If they can't make money, investors pull their money. Them the company can't pay scientists and they are laid off and/or quit. Then there is no new drug development. They all just fold up and whatever we have now is what we're stuck with. No new cures or discoveries going forward".
He said:
"That's not true. Government will develop the medications".
Me:
"Government. Government?! They can't deliver a Hallmark card on time or to the right address with alarming frequency, and you are going to count on them to cure cancer, Alzheimer's, and other tricky ailments? Are you joking or what?"
Communist:
"Government has the resources"
Me:
"A 'government car' is a Yugo and the free markets created Lambo, Ferrari, and Bugatti. Which is better?"
Communist:
"It's still wrong to withhold cures from sick people"
Me:
"How is stealing their IP any different from me walking in your home and stealing your possessions and then your car?"
Communist:
"This is a company. It's different".
There you have it, folks. Stealing from a company is a-okay.
I swear...95% of Millennials are freakin dumb.
