Eric Crampton: A "Rule Of Two" for faster access to safe medicines

If New Zealand required local crash testing for every new car model, dealerships would be late to stock a small number of mass-market vehicles at higher cost. It would be stupid.

Fortunately, New Zealand regulators instead decide which foreign standards are up to scratch and require that new cars meet at least one of them.

Access to the latest pharmaceuticals is at least as important as access to the latest car model. But consider the effects of Medsafe requirements.