Since the election of Donald Trump, there's been a lot of discussion in medical circles about bringing a Silicon Valley ethos to drug innovation in America.
Thiel, a libertarian iconoclast, has repeatedly made the case that the FDA gets in the way of drug innovation by making it too difficult for new medicines to get to the market. Some of the FDA candidates he's identified — including Silicon Valley's Jim O'Neill and Balaji Srinivasan — have similarly argued that the agency should dump its requirement that drugs be proven effective before reaching the market, and that we'd be better off if the FDA operated more like a "Yelp for drugs." In other words, bringing the same speedy and disruptive approach to medical regulation that Silicon Valley brought to the taxi and hotel industries, for example, will unlock cures — fast.
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But Thiel and his pals miss a very important point about developing new drugs: Manipulating biology isn't the same as manipulating computer code. It's much, much harder. Speeding up medical innovation will take a lot more than just stripping down the FDA — it'll take huge leaps forward in our understanding of biochemistry and the body. Health care is also different from taxis and hotels in another key way: Consumers can't really judge the safety and quality of medical products by themselves.