Do drug companies need government subsidies?

It's the kind of story you see every day. (Picture from the Mises Institute.)

A local industry points to all the jobs it generates and a politician urges public-private partnerships for growth.

But does America's drug industry really need the help? Biomed is now a more popular home for venture capital than software. The amount of money flowing into the sector has doubled this decade.

It's true that competition is growing. But we're more than holding our own against China in this regard.

So do these industries need any government help at all?