Americans pay more for our prescription drugs than other people do -- half again as much as Canadians or Germans, more than twice as much as Greeks or Italians.

In recent years, those costs have become a major issue in the political debate over health care. Proposals to address drug prices range from allowing Americans to buy their drugs from abroad, to allowing government health programs like Medicare to directly negotiate lower prices, to having the government itself manufacture generic drugs.

One suggestion I don't see very often is reconsidering the authority of the US Food and Drug Adm...