In a survey published by Scioto Analysis this morning, 25 of 27 Ohio economists agreed that the economic benefits of state funding for opioid overdose reversal medication outweigh the economic costs.
Economists agreeing with the statement emphasized both the low costs of the medication—about $40 per dose—as well as the high valuation of a statistical life. Some economists went past the simple economic argument, saying the policy was “the right thing to do” or “ethically obvious.” Some were critical of the opinions of detractors, stating the impact of availability of opioid reversal drugs are likely to have little impact on drug use habits.
Of the two that did not agree with the statement, the one economist who was uncertain commented that additional resources would be needed to transition overdose victims into the labor force if drug use leads to unemployment.
The Ohio Economic Experts Panel is a panel of over 40 Ohio Economists from over 30 Ohio higher educational institutions conducted by Scioto Analysis. The goal of the Ohio Economic Experts Panel is to promote better policy outcomes by providing policymakers, policy influencers, and the public with the informed opinions of Ohio’s leading economists.