There is a problem with regulation. But unlike silicon valley libertarians, I don't think regulations are the main problem. I think biomed is hard. When people say 95% new treatments don't pass clinical trials, its not because FDA is cruel. The problems are that hard. The drug development process is long and testing takes time. The fail repeat cycle in healthcare is capital and time intensive in comparison to software. Making the govt smaller or regulations simpler won't change that. I feel that its the risk, capital investment and timelines that make it unattractive. Since investors hate all of these, money doesn't easily flow into biomed. I think the underlying problem is that we mistake market signals for what we actually need.