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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. She is currently on leave.
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Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero � all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Miracle Drugs vs. Medical Inflation

By Megan McArdle
Feb 23 2010, 10:13 AM ET Comment

The New York Times has a pretty gripping series about the quest to develop a targeted drug for certain forms of metastatic melanoma.  As of the second installment we're at a cliffhanger (spoiler alert): the new drug is producing almost magical shrinkage of tumors.  But one patient has died from cancer that crossed the blood-brain barrier -- which the new drug cannot penetrate.  Will the other patients in the early stage trial also succumb?  How long will the remissions last?

I don't know how it will end, but I think it illustrates one of the primary problems that will afflict any attempt to control health care costs.



When you read the description, it's hard not to be awed at the difference this drug made in the lives of people afflicted by a pretty nasty cancer.  But presuming it survives all the trials, this drug will probably be pretty expensive.  It serves only a fraction of people with melanoma, those whose cancer has a very specific gene mutation.  It probably won't cure them, but only buy them a few weeks or months or years.

That's how cancer treatment has mostly advanced--not with a spectacular cure that can be funded by better targeted NIH money, or identified by comparative effectiveness research.  It grinds out small improvements one at a time, experimenting with combinations of drugs and radiation and surgery, dosages, and timing.  A lot of the improvement in mortality rates comes from better detection--but that means a lot of money wasted on tests, and biopsies for false positives.

Will the drug be "worth it?"  What's the price of giving someone six months instead of one to say good bye to their family, or shrinking their tumors so that they don't die in pain?  Technocrats can't answer those questions.  We have to.

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